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Registered number: 05212902
Precision Golf Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 05212902
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 256,787 302,704
256,787 302,704
CURRENT ASSETS
Stocks 5 34,414 28,656
Debtors 6 64,836 49,293
Cash at bank and in hand 206,275 102,459
305,525 180,408
Creditors: Amounts Falling Due Within One Year 7 (318,864 ) (335,900 )
NET CURRENT ASSETS (LIABILITIES) (13,339 ) (155,492 )
TOTAL ASSETS LESS CURRENT LIABILITIES 243,448 147,212
Creditors: Amounts Falling Due After More Than One Year 8 (75,000 ) (75,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (41,832 ) -
NET ASSETS 126,616 72,212
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 126,516 72,112
SHAREHOLDERS' FUNDS 126,616 72,212
Page 1
Page 2
For the year ending 31 December 2023 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 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 Income Statement.
On behalf of the board
J S Davey
Director
11 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Precision Golf Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05212902 . The registered office is 12 Borelli Yard, Farnham, Surrey, GU9 7NU.

The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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, excluding discounts, rebates, value added taxes and other sales taxes.
Sale of goods
Turnover from the sale of sports equipment is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, the amount of turnover 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. This is usually on dispatch of the goods.
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by reference to the date of sale.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation or valuation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Leasehold Straight line over the length of the lease
Plant & Machinery 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 33.33% straight line
At each balance sheet date assets are reviewed for any indication that the residual value or the useful life of the asset has changed.
2.4. 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.
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2.5. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Finanical instruments include debtors and creditors receivable or payable within one year and cash and bank balances.

Financial assets that are measured at cost and amortised cost are assessed at each balance sheet date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Employee 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.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
2.8. Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indiciation exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 13)
14 13
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4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 175,057 433,867 608,924
Additions 2,625 47,859 50,484
As at 31 December 2023 177,682 481,726 659,408
Depreciation
As at 1 January 2023 40,305 265,915 306,220
Provided during the period 19,626 76,775 96,401
As at 31 December 2023 59,931 342,690 402,621
Net Book Value
As at 31 December 2023 117,751 139,036 256,787
As at 1 January 2023 134,752 167,952 302,704
5. Stocks
2023 2022
£ £
Stock 34,414 28,656
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,970 1,118
Other debtors 51,866 48,175
64,836 49,293
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 156,855 161,705
Other creditors 100,214 126,229
Taxation and social security 61,795 47,966
318,864 335,900
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 75,000 75,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 149,550 149,550
Later than one year and not later than five years 598,200 598,200
Later than five years 230,550 380,100
978,300 1,127,850
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