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2022-05-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC358283
2022-05-01
2023-04-30
SC358283
2023-04-30
SC358283
2022-04-30
SC358283
2021-05-01
2022-04-30
SC358283
2022-04-30
SC358283
core:PlantMachinery
2022-05-01
2023-04-30
SC358283
core:FurnitureFittings
2022-05-01
2023-04-30
SC358283
bus:LeadAgentIfApplicable
2022-05-01
2023-04-30
SC358283
bus:Director1
2022-05-01
2023-04-30
SC358283
core:PlantMachinery
2022-04-30
SC358283
core:FurnitureFittings
2022-04-30
SC358283
core:PlantMachinery
2023-04-30
SC358283
core:FurnitureFittings
2023-04-30
SC358283
core:WithinOneYear
2023-04-30
SC358283
core:WithinOneYear
2022-04-30
SC358283
core:AfterOneYear
2023-04-30
SC358283
core:AfterOneYear
2022-04-30
SC358283
core:ShareCapital
2023-04-30
SC358283
core:ShareCapital
2022-04-30
SC358283
core:RetainedEarningsAccumulatedLosses
2023-04-30
SC358283
core:RetainedEarningsAccumulatedLosses
2022-04-30
SC358283
core:PlantMachinery
2022-04-30
SC358283
core:FurnitureFittings
2022-04-30
SC358283
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2022-05-01
2023-04-30
SC358283
bus:AuditExemptWithAccountantsReport
2022-05-01
2023-04-30
SC358283
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2022-05-01
2023-04-30
SC358283
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2022-05-01
2023-04-30
SC358283
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
SC358283
core:LeaseholdImprovements
2022-05-01
2023-04-30
SC358283
core:LeaseholdImprovements
2022-04-30
SC358283
core:LeaseholdImprovements
2023-04-30
SC358283
core:AllAssociates
2022-05-01
2023-04-30
COMPANY REGISTRATION NUMBER:
SC358283
Filleted Unaudited Financial Statements |
|
Year ended 30 April 2023
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Gamola Golf Limited |
|
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gamola Golf Limited for the year ended 30 April 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Gamola Golf Limited in accordance with the terms of our engagement letter dated 18 January 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Gamola Golf Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gamola Golf Limited and its director for our work or for this report.
It is your duty to ensure that Gamola 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 Gamola Golf Limited. You consider that Gamola 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 Gamola 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.
GARDNER & PARTNERS LTD
Chartered Certified Accountants
9 Rosemount Place
Aberdeen
AB25 2UX
11 April 2024
Statement of Financial Position |
|
30 April 2023
Fixed assets
Tangible assets |
5 |
|
412,809 |
464,810 |
|
|
|
|
|
Current assets
Stocks |
896,472 |
|
788,147 |
Debtors |
6 |
100,315 |
|
96,102 |
Cash at bank and in hand |
45,276 |
|
45,528 |
|
------------ |
|
--------- |
|
1,042,063 |
|
929,777 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
640,464 |
|
521,315 |
|
------------ |
|
--------- |
Net current assets |
|
401,599 |
408,462 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
814,408 |
873,272 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
2,436,268 |
2,453,288 |
|
|
------------ |
------------ |
Net liabilities |
|
(
1,621,860) |
(
1,580,016) |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
(
1,621,861) |
(
1,580,017) |
|
|
------------ |
------------ |
Shareholders deficit |
|
(
1,621,860) |
(
1,580,016) |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 April 2023
These financial statements were approved by the
board of directors
and authorised for issue on
11 April 2024
, and are signed on behalf of the board by:
Company registration number:
SC358283
Notes to the Financial Statements |
|
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Trinity Quay House, 47-53 Market Street, Aberdeen, AB11 5PZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The company has a deficiency of assets as at the balance sheet date. The main creditors are the director
Mr G. Masterton
and his family. They have indicated to the company that they will continue to support the company financially for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & machinery |
- |
15% reducing balance |
|
Furniture & fittings |
- |
15% reducing balance |
|
Tenants improvements |
- |
5% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2022:
14
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 May 2022 |
276,197 |
297,264 |
684,739 |
1,258,200 |
Additions |
– |
714 |
– |
714 |
|
--------- |
--------- |
--------- |
------------ |
At 30 April 2023 |
276,197 |
297,978 |
684,739 |
1,258,914 |
|
--------- |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
At 1 May 2022 |
220,992 |
230,028 |
342,370 |
793,390 |
Charge for the year |
8,282 |
10,196 |
34,237 |
52,715 |
|
--------- |
--------- |
--------- |
------------ |
At 30 April 2023 |
229,274 |
240,224 |
376,607 |
846,105 |
|
--------- |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
At 30 April 2023 |
46,923 |
57,754 |
308,132 |
412,809 |
|
--------- |
--------- |
--------- |
------------ |
At 30 April 2022 |
55,205 |
67,236 |
342,369 |
464,810 |
|
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
25,425 |
34,087 |
Other debtors |
74,890 |
62,015 |
|
--------- |
-------- |
|
100,315 |
96,102 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
533,570 |
504,851 |
Social security and other taxes |
22,338 |
9,339 |
Other creditors |
84,556 |
7,125 |
|
--------- |
--------- |
|
640,464 |
521,315 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
2,436,268 |
2,453,288 |
|
------------ |
------------ |
|
|
|
9.
Director's advances, credits and guarantees
As at the balance sheet date the company owed the director £2,380,984
10.
Related party transactions
The company was under the control of Mr G Masterton throughout the current and previous year. Mr G Masterton is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.