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Registered number: 12985275














GET GOLFING RETAIL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GET GOLFING RETAIL LIMITED
REGISTERED NUMBER: 12985275

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

  

Current assets
  

Stocks
  
148,253
181,373

Debtors: amounts falling due within one year
 4 
47,286
60

Cash at bank and in hand
 5 
159
3,118

  
195,698
184,551

Creditors: amounts falling due within one year
 6 
(31,381)
(92,374)

Net current assets
  
 
 
164,317
 
 
92,177

Net assets
  
£164,317
£92,177


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
164,316
92,176

  
£164,317
£92,177


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2024.




___________________________
Ms T Swanson
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
GET GOLFING RETAIL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

At 1 January 2023
1
92,176
92,177



Profit for the year
-
170,283
170,283
Total comprehensive income for the year
-
170,283
170,283

Gift aid payment
-
(98,143)
(98,143)


Total transactions with owners
-
(98,143)
(98,143)


At 31 December 2023
£1
£164,316
£164,317



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

At 30 January 2022
1
98,143
98,144


Comprehensive income for the year

Profit for the year
-
92,176
92,176
Total comprehensive income for the year
-
92,176
92,176


Contributions by and distributions to owners

Gift aid payment
-
(98,143)
(98,143)


At 31 December 2022
£1
£92,176
£92,177


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GET GOLFING RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Get Golfing Retail Limited (company number 12985275) is a private company limited by shares incorporated in England and Wales. The registered office address of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business of the company is Redlibbets Golf Club, West Yoke, Sevenoaks, TN15 7HT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
GET GOLFING RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 4

 
GET GOLFING RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

2023
2022

Wages and salaries
39,116
35,558

£39,116
£35,558


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Debtors

2023
2022


Amounts owed by group undertakings
46,809
-

Other debtors
-
60

Prepayments and accrued income
477
-

£47,286
£60



5.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
159
3,118

£159
£3,118



6.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
13,147
30,118

Amounts owed to group undertakings
18,234
62,256

£31,381
£92,374


Page 5

 
GET GOLFING RETAIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£159
£3,118




Financial assets measured at fair value through profit or loss comprise cash and bank balances.


8.


Share capital

2023
2022
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
£1
£1



9.


Post balance sheet events

The directors of the Company have resolved that the retained profits for the year ended 31st December 2023 will be donated to it's parent entity, Get Golfing CIO.


10.
Controlling party

At the balance sheet date the parent undertaking was Get Golfing CIO, a charity registered in England and Wales.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for a larger group, by a parent undertaking established under the law of any part of the United Kingdom.



11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Andrew John Childs FCA (Senior statutory auditor) on behalf of Magee Gammon Corporate Limited.


Page 6