Paul Anderson Golf Limited
Registered number: 06473528
Statement of Financial Position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 23,473 26,022
Current assets
Stocks 186,321 180,911
Debtors 5 48,897 17,198
Cash at bank and in hand 37,888 35,201
273,106 233,310
Creditors: amounts falling due within one year 6 (109,294) (88,714)
Net current assets 163,812 144,596
Total assets less current liabilities 187,285 170,618
Creditors: amounts falling due after more than one year 7 (32,979) (38,603)
Provisions for liabilities (4,460) (4,944)
Net assets 149,846 127,071
Capital and reserves
Called up share capital 100 100
Profit and loss account 149,746 126,971
Shareholder's funds 149,846 127,071
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Anderson
Director
Approved by the board on 30 October 2024
Paul Anderson Golf Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixture and fittings 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 8 8
3 Grants
The company received a SSP grant the income is shown in the profit and loss in the period in which the funds were received.
2024 2023
£ £
Small business grant - 321
Energy rebate grant - 150
4 Tangible fixed assets
Plant and machinery etc Fixture and fittings Total
£ £ £
Cost
At 1 February 2023 58,750 33,662 92,412
Additions 2,683 2,747 5,430
Disposals (1,234) - (1,234)
At 31 January 2024 60,199 36,409 96,608
Depreciation
At 1 February 2023 44,481 21,909 66,390
Charge for the year 4,014 3,625 7,639
On disposals (894) - (894)
At 31 January 2024 47,601 25,534 73,135
Net book value
At 31 January 2024 12,598 10,875 23,473
At 31 January 2023 14,269 11,753 26,022
5 Debtors 2024 2023
£ £
Prepayments 709 138
Other debtors 48,188 17,060
48,897 17,198
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,654 5,203
Trade creditors 57,351 36,237
Accruals 2,489 2,970
Corporation tax 18,741 12,353
Other taxes and social security costs - 994
Other creditors 25,059 30,957
109,294 88,714
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,979 38,603
8 Loans to participators
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs C Anderson
Repayable on demand - 30,056 - 30,056
- 30,056 - 30,056
9 Other information
Paul Anderson Golf Limited is a private company limited by shares and incorporated in England. Its registered office is:
419 Finchampstead Road
Finchampstead
Wokingham
Berks
RG40 3RL
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