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Registered number: 09124032
Fore Right Golf Ltd.
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09124032
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 64,001 71,449
Investments 4 28,200 -
92,201 71,449
CURRENT ASSETS
Stocks 5 182,421 172,801
Debtors 6 47,281 92,008
Cash at bank and in hand 33,237 101,283
262,939 366,092
Creditors: Amounts Falling Due Within One Year 7 (149,233 ) (186,843 )
NET CURRENT ASSETS (LIABILITIES) 113,706 179,249
TOTAL ASSETS LESS CURRENT LIABILITIES 205,907 250,698
Creditors: Amounts Falling Due After More Than One Year 8 (64,773 ) (38,030 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,160 ) (14,290 )
NET ASSETS 128,974 198,378
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 128,972 198,376
SHAREHOLDERS' FUNDS 128,974 198,378
Page 1
Page 2
For the year ending 31 July 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K R Davies
Director
29/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 11 (2022: 9)
11 9
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3. Tangible Assets
Land & Property
Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2022 2,879 180,497 20,994 13,735
Additions - 3,607 - 8,846
As at 31 July 2023 2,879 184,104 20,994 22,581
Depreciation
As at 1 August 2022 505 122,154 19,995 6,618
Provided during the period 594 15,173 250 3,230
As at 31 July 2023 1,099 137,327 20,245 9,848
Net Book Value
As at 31 July 2023 1,780 46,777 749 12,733
As at 1 August 2022 2,374 58,343 999 7,117
Computer Equipment Total
£ £
Cost
As at 1 August 2022 6,200 224,305
Additions - 12,453
As at 31 July 2023 6,200 236,758
Depreciation
As at 1 August 2022 3,584 152,856
Provided during the period 654 19,901
As at 31 July 2023 4,238 172,757
Net Book Value
As at 31 July 2023 1,962 64,001
As at 1 August 2022 2,616 71,449
4. Investments
Other
£
Cost
As at 1 August 2022 -
Additions 28,200
As at 31 July 2023 28,200
Provision
As at 1 August 2022 -
As at 31 July 2023 -
...CONTINUED
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Page 5
Net Book Value
As at 31 July 2023 28,200
As at 1 August 2022 -
5. Stocks
2023 2022
£ £
Stock 182,421 172,801
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 29,017 77,008
Other debtors 18,264 15,000
47,281 92,008
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 95,201 124,898
Bank loans and overdrafts 16,082 21,863
Other creditors 2,217 1,671
Taxation and social security 35,733 38,411
149,233 186,843
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 64,773 38,030
64,773 38,030
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. General Information
Fore Right Golf Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 09124032 . The registered office is Hensol Golf Academy Clawddcoch, Pendoylan, Cowbridge, South Glamorgan, CF71 7UP.
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