BrightAccountsProduction v1.0.0 v1.0.0 2023-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The nature of the company's operations and principal activites is E-commerce retail of golf clothing. 10 January 2025 0 0 NI069537 2024-10-31 NI069537 2023-10-31 NI069537 2022-10-31 NI069537 2023-11-01 2024-10-31 NI069537 2022-11-01 2023-10-31 NI069537 uk-bus:CompanyLimitedByGuarantee 2023-11-01 2024-10-31 NI069537 uk-curr:PoundSterling 2023-11-01 2024-10-31 NI069537 uk-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 NI069537 uk-bus:FullAccounts 2023-11-01 2024-10-31 NI069537 uk-bus:Director1 2023-11-01 2024-10-31 NI069537 uk-bus:Director2 2023-11-01 2024-10-31 NI069537 uk-bus:RegisteredOffice 2023-11-01 2024-10-31 NI069537 uk-bus:Agent1 2023-11-01 2024-10-31 NI069537 uk-core:ShareCapital 2024-10-31 NI069537 uk-core:ShareCapital 2023-10-31 NI069537 uk-core:RetainedEarningsAccumulatedLosses 2024-10-31 NI069537 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI069537 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-10-31 NI069537 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI069537 uk-bus:FRS102 2023-11-01 2024-10-31 NI069537 uk-core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 NI069537 uk-core:WithinOneYear 2024-10-31 NI069537 uk-core:WithinOneYear 2023-10-31 NI069537 uk-core:EmployeeBenefits 2023-10-31 NI069537 uk-core:EmployeeBenefits 2023-11-01 2024-10-31 NI069537 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-10-31 NI069537 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-10-31 NI069537 uk-core:OtherDeferredTax 2024-10-31 NI069537 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-10-31 NI069537 uk-core:EmployeeBenefits 2024-10-31 NI069537 2023-11-01 2024-10-31 NI069537 uk-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI069537
 
 
Funktion Golf Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2024
Funktion Golf Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr Ben Leonard
Mr Edwin Leonard
 
 
Company Registration Number NI069537
 
 
Registered Office and Business Address 3 Edgewater
Victoria Road
Londonderry
BT47 2TE
 
 
Accountants MCI Chartered Accountants
Sentinel House
13 Pump Street
Londonderry
BT48 6JG
 
 
Bankers Ulster Bank Limited
  Da Vinci Complex
  Culmore Road
  Londonderry
  BT48 8JB



Funktion Golf Limited
Company Registration Number: NI069537
BALANCE SHEET
as at 31 October 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 3 - 701
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Current Assets
Stocks 4 - 5,093
Debtors 5 - 1,080
Cash and cash equivalents - 33,421
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- 39,594
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Creditors: amounts falling due within one year 6 - (27,712)
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Net Current (Liabilities)/Assets - 11,882
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Total Assets less Current Liabilities - 12,583
 
Provisions for liabilities 7 - (133)
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Net (Liabilities)/Assets - 12,450
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Capital and Reserves
Called up share capital 2 2
Statement of income and retained earnings (2) 12,448
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Shareholders' Funds - 12,450
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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 company has taken advantage of the exemption under section 444 not to file the Statement of Income and Retained Earnings and Directors' Report.
           
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 10 January 2025 and signed on its behalf by
           
           
           
Mr Ben Leonard          
Director          
           



Funktion Golf Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 October 2024

   
1. General Information
 
Funktion Golf Limited is a private limited company incorporated in Northern Ireland. The address of the registered office is given in the company information on page 3 of these financial statements. The nature of the company's operations and principal activites is E-commerce retail of golf clothing.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The company has adopted the disclosure requirements of Section 1A FRS102, other than where additional disclosure is required to show a true and fair view.
 
Basis of preparation
The financial statements have been prepared in accordance with The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company.
 
Turnover
Turnover is measured at the fair value of the consideration receivable net of discounts and VAT. The policy adopted for the recognition of turnover is as follows:

Sale of goods
Turnover from the sale of golf clothing is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer and the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery.
 
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
 
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event and it is probable that an outflow of economic benefits will be required in settlement of that obligation and the amount can be reliably estimated.
 
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and which are receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the Statement of Income and Retained Earnings in administrative expenses.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Straight line
 
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimated the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current markets assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have  ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Statement of Income and Retained Earnings, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
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.

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.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Taxation
The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing difference between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised in respect in respect of all timing difference that have originated but not reversed at the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in taxable profits different from those in which they are recognised in the financial statements.
       
3. Tangible assets
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 November 2023 1,274 1,274
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At 31 October 2024 1,274 1,274
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Depreciation
At 1 November 2023 573 573
Charge for the financial year 701 701
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At 31 October 2024 1,274 1,274
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Net book value
At 31 October 2024 - -
  ═════════ ═════════
At 31 October 2023 701 701
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4. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale - 5,093
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5. Debtors 2024 2023
  £ £
 
Taxation - 1,080
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6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors - 88
Directors' current accounts - 26,142
Other creditors - 162
Accruals - 1,320
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  - 27,712
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7. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 133 133 169
Charged to profit and loss (133) (133) (36)
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At financial year end - - 133
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