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REGISTERED NUMBER: 05143327 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 30 June 2023

for

Patrick Smith (Golf) Ltd

Patrick Smith (Golf) Ltd (Registered number: 05143327)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Patrick Smith (Golf) Ltd (Registered number: 05143327)

Abridged Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,173 1,564

CURRENT ASSETS
Stocks 30,952 41,146
Debtors 14,686 21,081
Cash at bank 21,456 30,245
67,094 92,472
CREDITORS
Amounts falling due within one year 35,044 55,101
NET CURRENT ASSETS 32,050 37,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,223

38,935

CREDITORS
Amounts falling due after more than
one year

5

32,866

38,421
NET ASSETS 357 514

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 355 512
SHAREHOLDERS' FUNDS 357 514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Patrick Smith (Golf) Ltd (Registered number: 05143327)

Abridged Balance Sheet - continued
30 June 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 director and authorised for issue on 5 February 2024 and were signed by:





Mr P Smith - Director


Patrick Smith (Golf) Ltd (Registered number: 05143327)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Patrick Smith (Golf) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05143327

Registered office: C/O Smart Accountancy Solutions Ltd
26 Sansome Walk
Worcester
Worcestershire
WR1 1LX

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Shop improvements - 10% on cost
Equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Patrick Smith (Golf) Ltd (Registered number: 05143327)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, adjusted for transactions costs. Debt instruments are a subsequently carried at amortised cost, using the effective interest method. Where the arrangement constitutes a financing transaction, the debt instrument is measured at present value of future receipts, discounted at a market rate of interest.

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 or deferred taxation assets and liabilities are not discounted.

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
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Patrick Smith (Golf) Ltd (Registered number: 05143327)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022
and 30 June 2023 13,477
DEPRECIATION
At 1 July 2022 11,913
Charge for year 391
At 30 June 2023 12,304
NET BOOK VALUE
At 30 June 2023 1,173
At 30 June 2022 1,564

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
30.6.23 30.6.22
£    £   
Repayable by instalments
Bank loans 10,644 16,201