Company registration number 09283260 (England and Wales)
GOLF ENVIRONMENTAL (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GOLF ENVIRONMENTAL (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GOLF ENVIRONMENTAL (UK) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
980,384
869,364
Current assets
Debtors
4
1,758,194
1,480,291
Cash at bank and in hand
44,277
26,370
1,802,471
1,506,661
Creditors: amounts falling due within one year
5
(1,333,593)
(977,306)
Net current assets
468,878
529,355
Total assets less current liabilities
1,449,262
1,398,719
Creditors: amounts falling due after more than one year
6
(401,445)
(620,075)
Net assets
1,047,817
778,644
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,047,717
778,544
Total equity
1,047,817
778,644

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 October 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 members have 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.

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
John Sweeney
Director
Company registration number 09283260 (England and Wales)
GOLF ENVIRONMENTAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Golf Environmental (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

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.

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.

Leasehold improvements
2% Straight line
Plant and machinery
10% - 25% Straight line
Motor vehicles
20% Straight line

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 debtors and cash and bank balances, are 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.

GOLF ENVIRONMENTAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
GOLF ENVIRONMENTAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
352,513
556,011
34,520
943,044
Additions
-
0
184,767
58,950
243,717
At 31 October 2023
352,513
740,778
93,470
1,186,761
Depreciation and impairment
At 1 November 2022
19,938
50,865
2,877
73,680
Depreciation charged in the year
7,050
109,900
15,747
132,697
At 31 October 2023
26,988
160,765
18,624
206,377
Carrying amount
At 31 October 2023
325,525
580,013
74,846
980,384
At 31 October 2022
332,575
505,146
31,643
869,364

The net carrying value of tangible fixed assets includes £634,901 (2022: £534,009) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £122,259 (2022: £70,558) for the year.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
103,310
163,231
Corporation tax recoverable
134
142,242
Amounts owed by group undertakings
50,545
-
0
Other debtors
1,604,205
1,174,818
1,758,194
1,480,291
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
50
Trade creditors
383,696
198,482
Amounts owed to group undertakings
-
0
17,146
Taxation and social security
537,570
433,629
Other creditors
412,327
327,999
1,333,593
977,306

 

GOLF ENVIRONMENTAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
401,445
620,075

Included in other creditors within one year and after one year are hire purchase and finance leases totalling to £626,982 (2022: £515,900) which are secured on the asset themselves.

 

Included in other creditors within one year and after one year is a loan totalling to £69,203 (2022: £187,655) which is secured against companies in which John Sweeney has an interest in.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,000
1,000
100
100
8
Related party transactions

Included in other debtors is a balance due from Buz Leasing Limited of £288,543 (2022: £286,863), a company in which J Sweeney is a director.

 

Included in other debtors is a balance due from Pets Approve Limited of £59,150 (2022: £59,150), a company in which J Sweeney is a director.

 

Included in other debtors is a balance due from Golf Environmental Limited of £343,303 (2022: £277,603), a company in which J Sweeney is a director.

 

Included in other debtors is a balance due from Bigshots Golf International Limited of £260,337 (2022: £155,137), a company in which J Sweeney is a director.

 

Included in other debtors is a balance due Stockley Park Golf Club Limited of £255,336 (2022: £220,965 other creditors), a company in which J Sweeney is a director.

 

Included in other creditors is a balance of £93,489 (2022: £16,130) due to the director.

 

9
Parent company

The company's ultimate parent company is Stockley Environmental Limited whose registered office address is 166 College Road, Harrow, Middlesex, HA1 1RA.

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