Registered number
02458528
Northern Golf Limited (formerly Northern Golf & Sports (M/c) Limited)
Unaudited Filleted Accounts
31 December 2023
Northern Golf Limited (formerly Northern Golf & Sports (M/c) Limited)
Registered number: 02458528
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 46,971 58,045
Current assets
Stocks 741,676 793,425
Debtors 4 113,682 102,543
Cash at bank and in hand 194,392 180,140
1,049,750 1,076,108
Creditors: amounts falling due within one year 5 (109,801) (241,747)
Net current assets 939,949 834,361
Total assets less current liabilities 986,920 892,406
Creditors: amounts falling due after more than one year 6 (12,927) (22,947)
Provisions for liabilities (10,710) (11,029)
Net assets 963,283 858,430
Capital and reserves
Called up share capital 25,000 25,000
Profit and loss account 938,283 833,430
Shareholders' funds 963,283 858,430
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N H Self
Director
Approved by the board on 8 August 2024
Northern Golf Limited (formerly Northern Golf & Sports (M/c) Limited)
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery at 15% - 25% p.a.
Fixtures, fittings, tools and equipment at 25% p.a.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 101,648 30,083 131,731
At 31 December 2023 101,648 30,083 131,731
Depreciation
At 1 January 2023 59,467 14,219 73,686
Charge for the year 7,108 3,966 11,074
At 31 December 2023 66,575 18,185 84,760
Net book value
At 31 December 2023 35,073 11,898 46,971
At 31 December 2022 42,181 15,864 58,045
4 Debtors 2023 2022
£ £
Trade debtors 106,053 95,074
Other debtors 7,629 7,469
113,682 102,543
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,220 11,220
Trade creditors 42,035 162,833
Taxation and social security costs 53,964 34,626
Other creditors 2,582 33,068
109,801 241,747
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,927 22,947
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 64,000 88,000
8 Related party transactions
During the year the director, N H Self, received a salary of £10,500 and his wife, Mrs E Self who is also a director, received a salary of £9,300. At the balance sheet date the company was indebted to Mr and Mrs Self in the sum of £202 (2022 - £30,002) in respect of an interest free loan, repayable on demand with no fixed repayment date. Repayments of the loan totalling £29,800 were made to the directors during the year. The company leased its trading premises under normal commercial terms at an annual rental of £24,000 from the directors' personal pension scheme.
9 Controlling party
The ultimate controlling party is the director, Mr N H Self, who owns the majority of the company's issued share capital.
10 Other information
Northern Golf Limited (formerly Northern Golf & Sports (M/c) Limited) is a private company limited by shares and incorporated in England. Its registered office is:
Unit , Block 1,
Albert Close Trading Estate,
Albert Close,
Whitefield,
M45 8EH
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