Company registration number SC268648 (Scotland)
DAVID GEMMELL GOLF LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DAVID GEMMELL GOLF LIMITED
COMPANY INFORMATION
Director
Mr R Gordon
Secretary
Mrs V Gordon
Company number
SC268648
Registered office
Belleisle Golf Club
Ayr
Ayrshire
United Kingdom
KA7 4DU
Accountants
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
DAVID GEMMELL GOLF LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
DAVID GEMMELL GOLF LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,527
1,909
Current assets
Stocks
98,241
68,656
Debtors
1,037
4,859
Cash at bank and in hand
69,173
95,063
168,451
168,578
Creditors: amounts falling due within one year
(93,916)
(96,529)
Net current assets
74,535
72,049
Total assets less current liabilities
76,062
73,958
Creditors: amounts falling due after more than one year
4
(22,442)
(32,400)
Provisions for liabilities
(290)
(363)
Net assets
53,330
41,195
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
53,329
41,194
Total equity
53,330
41,195
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 31 March 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 member has 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.
DAVID GEMMELL GOLF LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mr R Gordon
Director
Company Registration No. SC268648
DAVID GEMMELL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
David Gemmell Golf Limited is a private company limited by shares incorporated in Scotland. The registered office is Belleisle Golf Club, Ayr, Ayrshire, United Kingdom, KA7 4DU.
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. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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:
Fixtures & Fittings
20% reducing balance
Computer Equipment
20% reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DAVID GEMMELL GOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
5,899
2,954
8,853
Depreciation and impairment
At 1 April 2022
4,321
2,623
6,944
Depreciation charged in the year
316
66
382
At 31 March 2023
4,637
2,689
7,326
Carrying amount
At 31 March 2023
1,262
265
1,527
At 31 March 2022
1,578
331
1,909
4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
22,442
32,400
5
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
290
363