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Company No: 04862178 (England and Wales)

WESSEX GOLF CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WESSEX GOLF CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WESSEX GOLF CENTRE LIMITED

BALANCE SHEET

As at 31 March 2024
WESSEX GOLF CENTRE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 111,553 59,400
111,553 59,400
Current assets
Stocks 4 15,000 8,000
Debtors 5 3,149 41,161
Cash at bank and in hand 29,588 45,827
47,737 94,988
Creditors: amounts falling due within one year 6 ( 24,589) ( 22,757)
Net current assets 23,148 72,231
Total assets less current liabilities 134,701 131,631
Provision for liabilities ( 23,420) ( 13,511)
Net assets 111,281 118,120
Capital and reserves
Called-up share capital 200 100
Profit and loss account 111,081 118,020
Total shareholders' funds 111,281 118,120

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wessex Golf Centre Limited (registered number: 04862178) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Mr L C Wills
Director
Mrs F Shaw
Director
WESSEX GOLF CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WESSEX GOLF CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Wessex Golf Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.03.2024
Period from
01.07.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 5

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2023 155,875 155,875
Additions 68,104 68,104
At 31 March 2024 223,979 223,979
Accumulated depreciation
At 01 April 2023 96,475 96,475
Charge for the financial year 15,951 15,951
At 31 March 2024 112,426 112,426
Net book value
At 31 March 2024 111,553 111,553
At 31 March 2023 59,400 59,400

4. Stocks

31.03.2024 31.03.2023
£ £
Stocks 15,000 8,000

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 858 6,883
Other debtors 2,291 34,278
3,149 41,161

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 12,550 240
Taxation and social security 4,434 9,950
Other creditors 7,605 12,567
24,589 22,757

7. Financial commitments

Commitments

Capital commitments are as follows:

31.03.2024 31.03.2023
£ £
Contracted for but not provided for:
Other 86,710 102,958

8. Related party transactions

Transactions with the entity's directors

Advances

During the year one of the directors maintained an interest-free loan account with the company which is repayable on demand. At the balance sheet date the company owed the director £2,329 (2023 - £2,329).