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REGISTERED NUMBER: 02598006 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MEDWAY GOLF CENTRE LIMITED

MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MEDWAY GOLF CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr N B Street
Mr P M Street





SECRETARY: Mr P M Street





REGISTERED OFFICE: Unit 11
Headcorn Business Park
Maidstone Road
Headcorn
Kent
TN27 9PJ





REGISTERED NUMBER: 02598006 (England and Wales)





ACCOUNTANTS: Stephen Hill Partnership Limited
139-141 Watling Street
Gillingham
Kent
ME7 2YY

MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 28,738 36,526
Tangible assets 5 18,475 33,605
47,213 70,131

CURRENT ASSETS
Stocks 990,455 966,429
Debtors 6 348,022 405,005
Cash at bank and in hand 36,179 2,129
1,374,656 1,373,563
CREDITORS
Amounts falling due within one year 7 1,047,233 1,155,745
NET CURRENT ASSETS 327,423 217,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

374,636

287,949

CREDITORS
Amounts falling due after more than one
year

8

(191,619

)

(107,454

)

PROVISIONS FOR LIABILITIES (3,478 ) (3,906 )
NET ASSETS 179,539 176,589

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 178,539 175,589
SHAREHOLDERS' FUNDS 179,539 176,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2024 and were signed on its behalf by:





Mr N B Street - Director


MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Medway Golf Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses.

Web design is being amortised evenly over its estimated useful life of five and ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the life of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying value and are recognised in the Income Statement.

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at the transaction price.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 51,540
AMORTISATION
At 1 February 2023 15,014
Charge for year 7,788
At 31 January 2024 22,802
NET BOOK VALUE
At 31 January 2024 28,738
At 31 January 2023 36,526

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 94,596 12,990 20,947
Additions - - -
At 31 January 2024 94,596 12,990 20,947
DEPRECIATION
At 1 February 2023 85,444 12,990 16,756
Charge for year 6,201 - 1,524
At 31 January 2024 91,645 12,990 18,280
NET BOOK VALUE
At 31 January 2024 2,951 - 2,667
At 31 January 2023 9,152 - 4,191

MEDWAY GOLF CENTRE LIMITED (REGISTERED NUMBER: 02598006)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 18,046 45,567 192,146
Additions - 1,284 1,284
At 31 January 2024 18,046 46,851 193,430
DEPRECIATION
At 1 February 2023 16,116 27,235 158,541
Charge for year 483 8,206 16,414
At 31 January 2024 16,599 35,441 174,955
NET BOOK VALUE
At 31 January 2024 1,447 11,410 18,475
At 31 January 2023 1,930 18,332 33,605

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 344,321 366,339
Other debtors - 5,470
Tax - 30,018
Prepayments and accrued income 3,701 3,178
348,022 405,005

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 74,082
Other loans 569,604 634,234
Hire purchase contracts 4,437 4,437
Trade creditors 389,408 283,860
Tax 3,145 -
Social security and other taxes 48,439 68,993
Other creditors and accruals 28,012 1,503
Directors' current accounts - 85,000
Accrued expenses 4,188 3,636
1,047,233 1,155,745

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans 184,593 95,990
Hire purchase contracts 7,026 11,464
191,619 107,454