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Registered number: 04266445
True Fit Golf Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Finley James Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04266445
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,575,727 1,592,297
1,575,727 1,592,297
CURRENT ASSETS
Stocks 5 312,750 387,682
Debtors 6 92,385 90,477
Investments 7 482,405 482,405
887,540 960,564
Creditors: Amounts Falling Due Within One Year 8 (268,115 ) (155,472 )
NET CURRENT ASSETS (LIABILITIES) 619,425 805,092
TOTAL ASSETS LESS CURRENT LIABILITIES 2,195,152 2,397,389
Creditors: Amounts Falling Due After More Than One Year 9 (1,481,597 ) (1,651,514 )
NET ASSETS 713,555 745,875
CAPITAL AND RESERVES
Called up share capital 11 2 2
Revaluation reserve 12 707,195 707,195
Profit and Loss Account 6,358 38,678
SHAREHOLDERS' FUNDS 713,555 745,875
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Overton
Director
26 May 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
True Fit Golf Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04266445 . The registered office is 1 Cross Lane Farm Cottage Widnes Road, Cuerdley, Warrington, Cheshire, WA5 2UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not provided
Plant & Machinery 10% on reducing balance
Motor Vehicles 10% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 9)
8 9
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Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 September 2022 1,462,751 914,830 43,363 2,420,944
As at 31 August 2023 1,462,751 914,830 43,363 2,420,944
Depreciation
As at 1 September 2022 - 798,211 30,436 828,647
Provided during the period - 14,578 1,992 16,570
As at 31 August 2023 - 812,789 32,428 845,217
Net Book Value
As at 31 August 2023 1,462,751 102,041 10,935 1,575,727
As at 1 September 2022 1,462,751 116,619 12,927 1,592,297
If freehold land and buildings had not been revalued they would have been included in the accounts at cost £755, 556 (2021 £755,556). Land and buildings are not depreciated.
5. Stocks
2023 2022
£ £
Finished goods 312,750 387,682
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 8,802 6,894
Amounts owed by group undertakings 83,583 83,583
92,385 90,477
7. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 482,405 482,405
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,452 6,932
Trade creditors 87,945 60,312
Bank loans and overdrafts 75,853 76,141
Other taxes and social security 97,865 12,087
268,115 155,472
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Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 243,877 264,150
Bank loans 201,884 259,881
Other creditors 1,035,836 1,127,483
1,481,597 1,651,514
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,452 6,932
Later than one year and not later than five years 243,877 264,150
250,329 271,082
250,329 271,082
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
12. Reserves
Revaluation Reserve
£
As at 1 September 2022 707,195
As at 31 August 2023 707,195
13. Related Party Transactions
Included in other creditors in notes 8 and 9 is a loan due to Mr and Mrs Overton of £1,035,835.93. The loan is currently interest free and repayable upon demand. However Mr and Mrs Overton have assured us that they will not draw substantially on the loan if to do so would effect the financial stability of the company.
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