Company Registration No. 12742118 (England and Wales)
GX GOLF LTD
Unaudited accounts
for the year ended 31 July 2024
GX GOLF LTD
Company Information
for the year ended 31 July 2024
Director
George Joseph Williams
Company Number
12742118 (England and Wales)
Registered Office
Unit 35
Caxton Way
Stevenage
Hertfordshire
SG1 2XU
England
Accountants
IAB Accountants Limited
200 Selbourne Road
Luton
Bedfordshire
LU4 8LT
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
GX GOLF LTD
for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
GX GOLF LTD for the year ended
31 July 2024 as set out on pages
5 -
7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of GX GOLF LTD, as a body, in accordance with the terms of our engagement letter dated 1 September 2020. Our work has been undertaken solely to prepare for your approval the accounts of GX GOLF LTD and state those matters that we have agreed to state to the Board of Directors of GX GOLF LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GX GOLF LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that GX GOLF LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of GX GOLF LTD. You consider that GX GOLF LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of GX GOLF LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
IAB Accountants Limited
Chartered Certified Accountants
200 Selbourne Road
Luton
Bedfordshire
LU4 8LT
10 October 2024
GX GOLF LTD
Statement of financial position
as at 31 July 2024
Cash at bank and in hand
32,056
19,895
Creditors: amounts falling due within one year
(25,711)
(34,870)
Net current assets
34,516
28,242
Total assets less current liabilities
34,516
28,242
Creditors: amounts falling due after more than one year
(17,634)
-
Called up share capital
100
100
Profit and loss account
16,782
28,142
Shareholders' funds
16,882
28,242
For the year ending 31 July 2024 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 October 2024 and were signed on its behalf by
George Joseph Williams
Director
Company Registration No. 12742118
GX GOLF LTD
Notes to the Accounts
for the year ended 31 July 2024
GX GOLF LTD is a private company, limited by shares, registered in England and Wales, registration number 12742118. The registered office is Unit 35 , Caxton Way, Stevenage, Hertfordshire, SG1 2XU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 '' The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Amounts falling due within one year
Accrued income and prepayments
5,537
9,540
GX GOLF LTD
Notes to the Accounts
for the year ended 31 July 2024
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
(2,423)
5,284
Loans from directors
14,799
22,799
6
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
8
Transactions with related parties
The company was under the control of the director throughout the year.
Included in creditors at the year end is an amount of £14,799 (2023: £22,799) owed to the director by the company.
Included in debtors is an amount of £5,387 (2023: £9,540) paid to a supplier 30% deposit for new stock to be delivered after the year end.
During the year the company paid dividends to the director to the value of £892 (2023: £2,000).
The ultimate controlling party is George Williams.
10
Average number of employees
During the year the average number of employees was 2 (2023: 1).