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Registration number: 04993489

Prepared for the registrar

Stewart Golf Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Stewart Golf Limited

(Registration number: 04993489)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

58,741

61,009

Tangible assets

5

1,708,823

1,720,845

Investments

6

1

1

 

1,767,565

1,781,855

Current assets

 

Stocks

1,141,764

1,176,589

Debtors

7

1,612,415

1,068,184

Cash at bank and in hand

 

80,571

228,462

 

2,834,750

2,473,235

Creditors: Amounts falling due within one year

8

(1,743,321)

(1,469,274)

Net current assets

 

1,091,429

1,003,961

Total assets less current liabilities

 

2,858,994

2,785,816

Creditors: Amounts falling due after more than one year

8

(652,609)

(711,457)

Deferred tax liabilities

-

(104,216)

Net assets

 

2,206,385

1,970,143

Capital and reserves

 

Called up share capital

10

700,103

700,103

Profit and loss account

1,506,282

1,270,040

Total equity

 

2,206,385

1,970,143

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 


C D Burley
Director

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit P
Edison Close
Waterwells Business Park
Quedgeley
Gloucester
GL2 2FN

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil - 2% Straight line basis

Plant and machinery

4% - 25% Straight line basis

Fixtures and fittings

2% - 33% Straight line basis

Office equipment

20% - 33% Straight line basis

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line basis

Patents

10% - 20% Straight line basis

Development costs

10% - 33% Straight line basis

Website

33% - 50% Straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost method.

The cost of stock comprises direct materials and, where applicable, freight, custom and duty costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

4

Intangible assets

Goodwill
 £

Patents
 £

Development costs
 £

Website costs
 £

Total
£

Cost

At 1 January 2023

1

52,980

65,544

55,300

173,825

Additions

-

7,277

-

18,961

26,238

At 31 December 2023

1

60,257

65,544

74,261

200,063

Amortisation

At 1 January 2023

-

44,679

58,126

10,011

112,816

Amortisation charge

-

2,244

5,274

20,988

28,506

At 31 December 2023

-

46,923

63,400

30,999

141,322

Carrying amount

At 31 December 2023

1

13,334

2,144

43,262

58,741

At 31 December 2022

1

8,301

7,418

45,289

61,009

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 January 2023

1,122,987

843,872

279,916

67,588

2,314,363

Additions

-

104,136

5,572

10,987

120,695

Disposals

-

(254)

-

(631)

(885)

At 31 December 2023

1,122,987

947,754

285,488

77,944

2,434,173

Depreciation

At 1 January 2023

107,731

395,316

51,346

39,125

593,518

Charge for the year

19,034

72,678

25,442

15,229

132,383

Eliminated on disposal

-

(8)

-

(543)

(551)

At 31 December 2023

126,765

467,986

76,788

53,811

725,350

Carrying amount

At 31 December 2023

996,222

479,768

208,700

24,133

1,708,823

At 31 December 2022

1,015,256

448,556

228,570

28,463

1,720,845

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

6

Investments

2023
£

2022
£

Investment in subsidiaries

1

1

Subsidiaries

£

Cost

At 1 January 2023

1

At 31 December 2023

1

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Stewart Golf LLC

United States of America

Interest in LLC

100%

100%

Subsidiary undertakings

Stewart Golf LLC

The principal activity of Stewart Golf LLC is the sale of golf trolleys and golf accessories.

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

87,269

351,713

Amounts owed by related parties

12

1,086,079

653,466

Other debtors

 

305,385

12,391

Prepayments

 

37,761

50,614

Deferred tax assets

95,921

-

   

1,612,415

1,068,184

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,153,092

1,081,654

Trade creditors

 

291,332

140,838

Social security and other taxes

 

61,100

100,924

Other payables

 

87,017

62,997

Accruals

 

144,131

75,912

Deferred income

 

6,649

6,949

 

1,743,321

1,469,274

Due after one year

 

Loans and borrowings

9

652,609

711,457

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

66,294

84,319

HP and finance lease liabilities

11,480

16,730

Other borrowings

1,075,318

980,605

1,153,092

1,081,654

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

649,632

697,000

HP and finance lease liabilities

2,977

14,457

652,609

711,457


Bank borrowings:
Bank borrowings in the current and prior year comprise:

• A mortgage of £307,320 (2022 - £320,623) which is denominated in Sterling and bears interest at a rate of 2% over the Bank of England Base Rate. The mortgage is repayable in monthly instalments with the final instalment falling due in February 2027. The carrying amount of the mortgage at the year end is £307,320 (2022 - £320,623) with £13,757 falling due within one year.

• A mortgage of £315,273 (2022 - £327,363) which is denominated in Sterling and bears quarterly interest at a fixed rate of 3.66% per annum. The mortgage is repayable in monthly instalments with the final instalment falling due in February 2027. The carrying amount of the mortgage at the year end is £315,273 (2022 - £327,363) with £12,537 falling due within one year.

• A Coronavirus Business Interuption Loan of £93,333 (2022 - £133,333) which is denominated in Sterling and bears interest at a rate of 5.16% over the Bank of England base rate after an initial interest free period of 12 months. The loan is repayable in monthly instalments with the final instalment falling due in April 2026. The carrying amount of the loan at the year end is £93,333 (2022 - £133,000) with £40,000 falling due within one year.

The mortgages are secured by fixed and floating charges over the property and assets of the company. The borrowings impose a negative pledge which prohibits the company from creating any security interests over the assets pledged as security.

Finance lease liabilities
Obligations under finance lease liabilities and hire purchase contracts are secured over the assets to which they relate.

Other borrowings:
At the balance sheet date, the company owed £1,126,085 (2022 - £980,605) to the directors of the company. A loan of £300,000 has been interest bearing at 5% until 31 December 2023. Since that date interest ceased at 31 January 2024. All other amounts have no fixed repayment terms and no other interest is charged on the outstanding balances.

 

Stewart Golf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary W shares of £0.01 each

2,052

20.52

2,052

20.52

Ordinary X shares of £0.01 each

7,077

70.77

7,077

70.77

Ordinary Y shares of £0.01 each

1,026

10.26

1,026

10.26

Ordinary Z shares of £0.01 each

103

1.03

103

1.03

Redeemable preference shares of £10,000 each

70

700,000

70

700,000

 

10,328

700,103

10,328

700,103

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
Ordinary shares rank pari passu and carry equal rights in respect of voting, distribution rights and rights to capital.

Redeemable preference shares

The redeemable preference shares are redeemable at the option of the company. They are redeemable at £100,000 per share and carry no voting rights. Winding up value for redeemable preference shares is £700,000.

 

11

Financial commitments, guarantees and contingencies

At 31 December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £82,774 (2022 - £54,911). The amount due within 1 year of the balance sheet date is £48,373 (2022 - £33,816). The amount due between 1 and 2 years is £25,665 (2022 - £12,792). The amount due between 2 and 5 years is £8,736 (2022 - £8,303).

 

12

Related party transactions

At the balance sheet date, the company owed £1,075,318 (2022 - £980,605) to the directors of the company. A loan of £300,000 has been interest bearing at 5% until 31 December 2023. Since that date interest ceased at 31 January 2024. All other amounts have no fixed repayment terms and no other interest is charged on the outstanding balances.

At the balance sheet date, the company was owed £1,086,079 (2022 - £653,466) from a related company. There were no fixed repayment terms and no interest is charged on the outstanding balances.

Summary of transactions with other related parties

The company has an agreement with a Florida registered limited liability company, which it owns, to supply goods at cost plus 10%. Royalties and service charges between the two companies are in line with normal market conditions.