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COMPANY REGISTRATION NUMBER: NI026767
THE GOLF SPOT LIMITED
Filleted Unaudited Financial Statements
31 January 2024
THE GOLF SPOT LIMITED
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
2,929
7,754
Current assets
Stocks
79,406
85,551
Debtors
8
268,790
9,055
Cash at bank and in hand
76,478
205,961
---------
---------
424,674
300,567
Creditors: amounts falling due within one year
9
147,923
71,876
---------
---------
Net current assets
276,751
228,691
---------
---------
Total assets less current liabilities
279,680
236,445
---------
---------
Net assets
279,680
236,445
---------
---------
Capital and reserves
Called up share capital
10
15,000
15,000
Profit and loss account
264,680
221,445
---------
---------
Shareholders funds
279,680
236,445
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE GOLF SPOT LIMITED
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr A Watt
Director
Company registration number: NI026767
THE GOLF SPOT LIMITED
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Balloo Link, Bangor, BT19 7HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
22,099
14,347
--------
--------
Tax on profit
22,099
14,347
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
86,334
70,890
--------
--------
Profit on ordinary activities by rate of tax
20,746
13,469
Effect of expenses not deductible for tax purposes
667
Effect of capital allowances and depreciation
1,077
878
Effect of different UK tax rates on some earnings
(391)
--------
--------
Tax on profit
22,099
14,347
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
40,000
--------
Amortisation
At 1 February 2023 and 31 January 2024
40,000
--------
Carrying amount
At 31 January 2024
--------
At 31 January 2023
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
User defined asset
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
39,247
41,764
6,081
87,092
--------
--------
-------
--------
Depreciation
At 1 February 2023
39,247
34,098
5,993
79,338
Charge for the year
4,737
88
4,825
--------
--------
-------
--------
At 31 January 2024
39,247
38,835
6,081
84,163
--------
--------
-------
--------
Carrying amount
At 31 January 2024
2,929
2,929
--------
--------
-------
--------
At 31 January 2023
7,666
88
7,754
--------
--------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
6,858
6,503
Amounts owed by group undertakings and undertakings in which the company has a participating interest
260,500
Other debtors
1,432
2,552
---------
-------
268,790
9,055
---------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
97,207
27,018
Corporation tax
22,099
14,347
Social security and other taxes
23,964
24,376
Other creditors
4,653
6,135
---------
--------
147,923
71,876
---------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
--------
--------
--------
--------