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Company registration number: 6651903
The Lady Golf Store Limited
Unaudited filleted abridged financial statements
31 October 2023
The Lady Golf Store Limited
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
The Lady Golf Store Limited
Directors and other information
Directors Mr Duncan Lambert
Mr Ashley Roberts
Company number 6651903
Registered office Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
Accountant S Nunn and Co Limited
Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
The Lady Golf Store Limited
Abridged statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,243 18,599
_______ _______
14,243 18,599
Current assets
Stocks 134,658 150,333
Debtors 1,250 934
Cash at bank and in hand 140,829 95,333
_______ _______
276,737 246,600
Creditors: amounts falling due
within one year ( 193,876) ( 143,438)
_______ _______
Net current assets 82,861 103,162
_______ _______
Total assets less current liabilities 97,104 121,761
Creditors: amounts falling due
after more than one year ( 20,824) ( 30,405)
_______ _______
Net assets 76,280 91,356
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 76,180 91,256
_______ _______
Shareholders funds 76,280 91,356
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr Duncan Lambert
Director
Company registration number: 6651903
The Lady Golf Store Limited
Statement of changes in equity
Year ended 31 October 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 100 86,848 86,948
Profit for the year 40,408 40,408
_______ _______ _______
Total comprehensive income for the year - 40,408 40,408
Dividends paid and payable ( 36,000) ( 36,000)
_______ _______ _______
Total investments by and distributions to owners - ( 36,000) ( 36,000)
_______ _______ _______
At 31 October 2022 and 1 November 2022 100 91,256 91,356
Profit for the year 20,924 20,924
_______ _______ _______
Total comprehensive income for the year - 20,924 20,924
Dividends paid and payable ( 36,000) ( 36,000)
_______ _______ _______
Total investments by and distributions to owners - ( 36,000) ( 36,000)
_______ _______ _______
At 31 October 2023 100 76,180 76,280
_______ _______ _______
The Lady Golf Store Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2, Guards Avenue, Caterham, Surrey, CR3 5XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration 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.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 10 % straight line
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
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.
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 stocks to their present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Tangible assets
£
Cost
At 1 November 2022 69,679
Additions 392
_______
At 31 October 2023 70,071
_______
Depreciation
At 1 November 2022 51,080
Charge for the year 4,748
_______
At 31 October 2023 55,828
_______
Carrying amount
At 31 October 2023 14,243
_______
At 31 October 2022 18,599
_______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Duncan Lambert ( 1,453) - ( 1,453)
Mr Ashley Roberts ( 9,500) - ( 9,500)
_______ _______ _______
( 10,953) - ( 10,953)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Duncan Lambert ( 2,453) 1,000 ( 1,453)
Mr Ashley Roberts ( 10,500) 1,000 ( 9,500)
_______ _______ _______
( 12,953) 2,000 ( 10,953)
_______ _______ _______
7. Related party transactions
During the year, dividends of £36,000 were paid to directors of the company.
8. Controlling party
There is no ultimate controlling party.