Directors |
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Company Number |
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Registered Office | 21 Drumhead Road |
Chorley North Business Park | |
Chorley | |
Lancashire | |
PR6 7BX | |
Accountants | Ascendis Group |
Unit 3, Building 2, The Colony | |
Altrincham Road | |
Wilmslow | |
Cheshire | |
SK9 4LY | |
Auditors |
|
Unit 3, Building 2, The Colony | |
Altrincham Road | |
Wilmslow | |
Cheshire | |
SK9 4LY | |
2024
|
|
£
|
|
Gross profit percentage
|
33.7%
|
Current ratio
|
1.46
|
Director
|
22nd January 2025
|
|
Appointed |
|
|
Appointed |
|
|
Appointed |
|
Director
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|
for and on behalf of
|
|
Unit 3, Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
|
31 March 2024 | ||
---|---|---|
Notes | £ | |
TURNOVER | 3 |
|
Cost of sales |
( |
|
GROSS PROFIT |
|
|
Administrative expenses |
( |
|
OPERATING LOSS | 4 |
( |
Other interest receivable and similar income | 9 |
|
Interest payable and similar charges | 10 |
( |
LOSS BEFORE TAXATION |
( |
|
Tax on Loss | 11 |
|
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
( |
|
OTHER COMPREHENSIVE INCOME FOR THE PERIOD | - | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
( |
|
31 March 2024 | |||
---|---|---|---|
Notes | £ | £ | |
FIXED ASSETS | |||
Intangible Assets | 12 |
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|
Tangible Assets | 13 |
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|||
CURRENT ASSETS | |||
Stocks | 15 |
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|
Debtors | 16 |
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|
Cash at bank and in hand |
|
||
|
|||
Creditors: Amounts Falling Due Within One Year | 17 |
( |
|
NET CURRENT ASSETS (LIABILITIES) |
|
||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
||
Creditors: Amounts Falling Due After More Than One Year | 18 |
( |
|
PROVISIONS FOR LIABILITIES | |||
Deferred Taxation | 20 |
( |
|
NET ASSETS |
|
||
CAPITAL AND RESERVES | |||
Called up share capital | 22 |
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|
Share premium account |
|
||
Income Statement |
( |
||
SHAREHOLDERS' FUNDS | 16,103,110 | ||
Director
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|
31 March 2024 | |||
---|---|---|---|
Notes | £ | £ | |
FIXED ASSETS | |||
Investments | 14 |
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|
|
|||
CURRENT ASSETS | |||
Debtors | 16 |
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|
Cash at bank and in hand |
|
||
|
|||
Creditors: Amounts Falling Due Within One Year | 17 |
( |
|
NET CURRENT ASSETS (LIABILITIES) |
( |
||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
||
Creditors: Amounts Falling Due After More Than One Year | 18 |
( |
|
NET ASSETS |
|
||
CAPITAL AND RESERVES | |||
Called up share capital | 22 |
|
|
Share premium account |
|
||
Income Statement |
( |
||
SHAREHOLDERS' FUNDS | 16,495,716 | ||
Director
|
|
Share Capital | Share Premium | Income Statement | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
As at 5 October 2023 |
|
|
|
- |
Loss for the period and total comprehensive income | - | - |
( |
(356,890) |
Dividends paid | - | - | (90,000) | (90,000) |
Arising on shares issued during the period |
|
16,549,900 | - | 16,550,000 |
As at 31 March 2024 |
|
|
( |
16,103,110 |
31 March 2024 | ||
---|---|---|
Notes | £ | |
Cash flows from operating activities | ||
Net cash generated from operations | 1 |
|
Interest paid |
( |
|
Tax paid |
( |
|
Net cash generated from operating activities |
|
|
Cash flows from investing activities | ||
Purchase of tangible assets |
( |
|
Purchase of investment in subsidiary undertaking |
( |
|
Interest received |
|
|
Net cash used in investing activities |
( |
|
Cash flows from financing activities | ||
Proceeds from issue of share capital |
|
|
Equity dividends paid |
( |
|
Proceeds from new bank borrowings |
|
|
Repayment of bank borrowings |
( |
|
Amount introduced by directors | 12,473 | |
Net cash generated from financing activities |
|
|
Decrease in cash and cash equivalents |
( |
|
Cash and cash equivalents at beginning of period | 2 |
|
Cash and cash equivalents at end of period | 2 |
( |
31 March 2024 | |
---|---|
£ | |
Loss for the financial period |
( |
Adjustments for: | |
Tax on loss |
( |
Interest expense |
|
Interest income |
( |
Amortisation of intangible assets |
|
Depreciation of tangible assets |
|
Movements in working capital: | |
Increase in stocks |
( |
Decrease in trade and other debtors |
|
Decrease in trade and other creditors |
( |
Net cash generated from operations |
|
31 March 2024 | |
---|---|
£ | |
Cash at bank and in hand |
|
Overdraft facilities repayable on demand |
( |
Cash and cash equivalents as stated in the Statement of Cash Flows | (206,498) |
As at 5 October 2023 | Cash flows | Acquisition and disposal of subsidiaries | As at 31 March 2024 | |
---|---|---|---|---|
£ | £ | £ | £ | |
Cash at bank and in hand |
|
119,411 | 115,482 |
|
Overdraft facilities repayable on demand | - | (201,117) | (240,274) | (441,391) |
Cash and cash equivalents |
|
(81,706) | (124,792) |
( |
Debts falling due within one year |
|
(892,891) | (2,180,118) |
( |
Debts falling due after more than one year | - | (2,965,302) | - | (2,965,302) |
- | (3,939,899) | (2,304,910) | (6,244,809) | |
Leasehold |
|
Plant & Machinery |
|
Motor Vehicles |
|
Fixtures & Fittings |
|
Computer Equipment |
|
31 March 2024 | |
---|---|
£ | |
Sale of goods | 1,632,414 |
31 March 2024 | |
---|---|
£ | |
Bad debts | 18,926 |
Operating lease rentals |
|
Depreciation of tangible fixed assets |
|
Amortisation of intangible fixed assets |
|
31 March 2024 | |
---|---|
£ | |
Audit Services | |
Audit of the group and company's financial statements |
|
31 March 2024 | |
---|---|
£ | |
Wages and salaries |
|
Social security costs |
|
Other pension costs |
|
|
|
31 March 2024 | |
---|---|
Office and administration |
|
Directors |
|
|
|
31 March 2024 | |
---|---|
£ | |
Emoluments |
|
Company contributions to money purchase pension schemes |
|
|
|
31 March 2024 | |
---|---|
Money purchase pension schemes |
|
31 March 2024 | |
---|---|
£ | |
Bank interest receivable |
|
Other interest receivable | 1,834 |
14,114 | |
31 March 2024 | |
---|---|
£ | |
Bank loans and overdrafts |
|
The tax credit on the loss for the period was as follows:
|
||
Tax Rate | 31 March 2024 | |
---|---|---|
31 March 2024 | £ | |
Current tax | ||
UK Corporation Tax | 25.0% |
( |
Deferred Tax | ||
Deferred taxation |
( |
|
Total tax charge for the period |
( |
|
The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
|
||
31 March 2024 | ||
£ | ||
Profit before tax | (370,545) | |
Tax on profit at 25% (UK standard rate) |
( |
|
Goodwill/depreciation not allowed for tax |
|
|
Expenses not deductible for tax purposes |
|
|
Capital allowances |
( |
|
Short term timing differences |
|
|
Deferred tax from unrecognised tax loss or credit |
( |
|
Tax losses unutilised carried forward |
|
|
Total tax charge for the period | (13,655) | |
Goodwill | Other | Development Costs | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
Cost | ||||
As at 5 October 2023 |
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|
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|
Additions |
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|
Other |
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|
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|
As at 31 March 2024 |
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Amortisation | ||||
As at 5 October 2023 |
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Provided during the period |
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Other |
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As at 31 March 2024 |
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Net Book Value | ||||
As at 31 March 2024 |
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|
As at 5 October 2023 |
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|
Land & Property | ||||
---|---|---|---|---|
Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost | ||||
As at 5 October 2023 |
|
|
|
|
Additions |
|
|
|
|
Other |
|
|
|
|
As at 31 March 2024 |
|
|
|
|
Depreciation | ||||
As at 5 October 2023 |
|
|
|
|
Provided during the period |
|
|
|
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Other |
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|
|
|
As at 31 March 2024 |
|
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|
Net Book Value | ||||
As at 31 March 2024 |
|
|
|
|
As at 5 October 2023 |
|
|
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|
Computer Equipment | Total | |
---|---|---|
£ | £ | |
Cost | ||
As at 5 October 2023 |
|
|
Additions |
|
|
Other |
|
|
As at 31 March 2024 |
|
|
Depreciation | ||
As at 5 October 2023 |
|
|
Provided during the period |
|
|
Other |
|
|
As at 31 March 2024 |
|
|
Net Book Value | ||
As at 31 March 2024 |
|
|
As at 5 October 2023 |
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|
Unlisted | |
---|---|
£ | |
Cost | |
As at 5 October 2023 |
|
Additions |
|
As at 31 March 2024 |
|
Provision | |
As at 5 October 2023 |
|
As at 31 March 2024 |
|
Net Book Value | |
As at 31 March 2024 |
|
As at 5 October 2023 |
|
Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
---|---|---|---|---|
|
21 Drumhead Road, Chorley North Business Park, Chorley, Lancashire, PR6 7BX |
|
|
- |
|
Suite A, 2nd Floor Kennedy House, 31 Stamford Street, Altrincham, Cheshire, WA14 1ES |
|
|
100.00% |
Capital and Reserves | Profit/(loss) | |
---|---|---|
£ | £ | |
Powergolf Ltd. |
|
|
31 March 2024 | |
---|---|
£ | |
Goods for resale |
|
2024
|
|
£
|
|
Provisions on acquisition of subsidiary
|
57,253
|
Increase in provisions
|
57,148
|
|
|
Provisions at 31 March
|
114,001
|
Group | Company | ||
---|---|---|---|
31 March 2024 | 31 March 2024 | ||
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Other debtors | 505,506 | 38,597 | |
Due after more than one year | |||
Other debtors | - | 9,919 | |
|
|
||
2024
|
|
£
|
|
Provisions on acquisition of subsidiary
|
30,000
|
Increase in provisions
|
10,000
|
Provisions at 31 March
|
|
|
Group | Company | ||
---|---|---|---|
31 March 2024 | 31 March 2024 | ||
£ | £ | ||
Trade creditors |
|
|
|
Bank loans and overdrafts |
|
|
|
Other loans |
|
|
|
Amounts owed to group undertakings | - |
|
|
Other creditors | 133,076 | - | |
Corporation tax |
|
|
|
Taxation and social security | 129,486 | - | |
Accruals and deferred income |
|
|
|
|
|
||
Group | Company | ||
---|---|---|---|
31 March 2024 | 31 March 2024 | ||
£ | £ | ||
Bank loans |
|
|
|
Group | ||
---|---|---|
31 March 2024 | ||
£ | ||
Bank loans and overdrafts | 4,299,584 |
Group | Company | ||
---|---|---|---|
31 March 2024 | 31 March 2024 | ||
£ | £ | ||
Amounts falling due within one year or on demand: | |||
Bank loans |
|
|
|
Other loans |
|
|
|
|
|
||
Group | Company | ||
---|---|---|---|
31 March 2024 | 31 March 2024 | ||
£ | £ | ||
Amounts falling due between one and five years: | |||
Bank loans |
|
|
|
31 March 2024 | |
---|---|
£ | |
Other timing differences | 27,137 |
2024
|
|
£
|
|
Accelerated capital allowances
|
37,962
|
Short term timing differences
|
(906)
|
Tax losses
|
(9,919)
|
|
|
27,137
|
Group | ||
---|---|---|
Deferred Tax | Total | |
£ | £ | |
Additions |
|
37,056 |
Utilised |
( |
(9,919) |
Balance at 31 March 2024 |
|
27,137 |
Net assets acquired | |||
Book Values | Adjustments | Fair Value | |
---|---|---|---|
£ | £ | £ | |
Intangible Assets | 88,215 | - |
|
Tangible Assets | 181,642 | - |
|
Stocks | 3,542,679 | - |
|
Debtors | 9,816,501 | - |
|
Cash at bank and in hand | 115,482 | - |
|
Creditors: Amounts falling due within one year | (2,403,009) | - |
( |
Deferred taxation | (37,056) | - |
( |
Total identifiable net assets | 11,304,454 | - |
|
Goodwill |
|
||
Total Consideration |
|
||
The consideration was satisfied by: | |||
Cash consideration paid |
|
||
Costs directly attributable to the business combination | 140,255 | ||
Total Consideration |
|
||
£
|
|
Cash consideration
|
8,600,000
|
Stamp duty paid
|
140,255
|
Deferred consideration
|
2,180,118
|
Settlement of director's loan account
|
719,882
|
Share premium
|
16,549,900
|
Issue of shares
|
100
|
|
|
28,190,255
|
31 March 2024 | |
---|---|
£ | |
At the end of the period |
|
Land and buildings
|
Other
|
|
2024
|
2024
|
|
£
|
£
|
|
Within 1 year
|
79,012
|
63,383
|
Between 1 and 5 years
|
-
|
56,048
|
|
|
|
79,012
|
119,431
|
|
The company had no operating lease commitments.
|
On acquisition
|
Amounts repaid
|
Amounts advanced
|
As at 31 March 2024
|
|
Wayne Loughlin
|
804,066
|
(739,064)
|
-
|
65,002
|
Christopher Loughlin
|
70,495
|
-
|
6,709
|
77,204
|
|
|
|
|
31 March 2024 | |
---|---|
£ | |
On equity shares: | |
Interim dividend paid |
|