GOLFWOD LTD Filleted Accounts Cover
GOLFWOD LTD
Company No. 12013074
Information for Filing with The Registrar
31 May 2024
GOLFWOD LTD Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 May 2024.
Principal activities
The principal activity of the company during the year under review was Sports and Recreation Education.
Director
The Director who served at any time during the year was as follows:
M. Dennington
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
M. Dennington
Director
27 August 2024
GOLFWOD LTD Balance Sheet Registrar
at
31 May 2024
Company No.
12013074
Notes
2024
2023
£
£
Fixed assets
Intangible assets
4
93,00657,890
Tangible assets
5
14,03111,096
107,03768,986
Current assets
Stocks
6
14,183-
Debtors
7
-144
Cash at bank and in hand
1,98410,581
16,16710,725
Creditors: Amount falling due within one year
8
(119,977)
(65,602)
Net current liabilities
(103,810)
(54,877)
Total assets less current liabilities
3,22714,109
Creditors: Amounts falling due after more than one year
9
(2,718)
(4,389)
Net assets
5099,720
Capital and reserves
Called up share capital
100100
Profit and loss account
10
4099,620
Total equity
5099,720
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 2024 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 27 August 2024 and signed on its behalf by:
M. Dennington
Director
27 August 2024
GOLFWOD LTD Notes to the Accounts Registrar
for the year ended 31 May 2024
1
General information
GOLFWOD LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 12013074
Its registered office is:
Drvn Studios 1 Concept court
Kettlestring Lane
York
YO30 4XF
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% Reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Intangible fixed assets
Develop-ment costs
Total
£
£
Cost
At 1 June 2023
57,89057,890
Additions
35,11635,116
At 31 May 2024
93,00693,006
Amortisation and impairment
Net book values
At 31 May 2024
93,00693,006
At 31 May 2023
57,89057,890
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 June 2023
17,58017,580
Additions
7,6127,612
At 31 May 2024
25,19225,192
Depreciation
At 1 June 2023
6,4846,484
Charge for the year
4,6774,677
At 31 May 2024
11,16111,161
Net book values
At 31 May 2024
14,03114,031
At 31 May 2023
11,096
11,096
6
Stocks
2024
2023
£
£
Work in progress
14,183-
14,183-
7
Debtors
2024
2023
£
£
Corporation tax recoverable
-144
-144
8
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,74938,277
Other loans
5,0005,000
Taxes and social security
-
867
Loans from directors
102,01821,209
Accruals and deferred income
210249
119,97765,602
9
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Other loans
2,7184,389
2,7184,389
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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