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Company No: 10386704 (England and Wales)

GOLF & LEISURE EXPERIENCE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

GOLF & LEISURE EXPERIENCE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

GOLF & LEISURE EXPERIENCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
GOLF & LEISURE EXPERIENCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,906 2,309
2,906 2,309
Current assets
Debtors 5 22,050 69,731
Cash at bank and in hand 210,552 280,988
232,602 350,719
Creditors: amounts falling due within one year 6 ( 19,348) ( 18,004)
Net current assets 213,254 332,715
Total assets less current liabilities 216,160 335,024
Creditors: amounts falling due after more than one year 7 ( 727) 0
Net assets 215,433 335,024
Capital and reserves
Called-up share capital 100 100
Profit and loss account 215,333 334,924
Total shareholders' funds 215,433 335,024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Golf & Leisure Experience Limited (registered number: 10386704) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S R Preston
Director

07 February 2025

GOLF & LEISURE EXPERIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
GOLF & LEISURE EXPERIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 year, unless otherwise stated.

General information and basis of accounting

Golf & Leisure Experience 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 35 Ballards Lane, London, N3 1XW, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Company's forecasts and projections show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

**Rendering of services**

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of turnover can be measured reliably;
* it is probable that the company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company contributes to the private pensions of directors. The contributions are recognised as an expense in profit or loss when they are paid.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Computer equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and loans from directors.

Financial assets
Basic financial assets, including trade and other debtors and loans to related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and loans from directors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Dividends paid on equity capital 150,000 0

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 October 2023 8,007 8,007
Additions 2,114 2,114
At 30 September 2024 10,121 10,121
Accumulated depreciation
At 01 October 2023 5,698 5,698
Charge for the financial year 1,517 1,517
At 30 September 2024 7,215 7,215
Net book value
At 30 September 2024 2,906 2,906
At 30 September 2023 2,309 2,309

5. Debtors

2024 2023
£ £
Trade debtors 7,800 39,289
Amounts owed by directors 322 0
Accrued income 0 10,440
Deferred tax asset 0 19,777
VAT recoverable 13,828 0
Other debtors 100 225
22,050 69,731

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,954 1,530
Amounts owed to directors 100 0
Accruals 16,294 14,833
Other taxation and social security 0 1,641
19,348 18,004

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 727 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 19,777 0
(Charged)/credited to the Statement of Income and Retained Earnings ( 20,504) 19,777
At the end of financial year ( 727) 19,777

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 727) ( 578)
Tax losses carry forward 0 20,355
( 727) 19,777

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 5,060 7,590
between one and five years 0 5,060
5,060 12,650

Pensions

The pension cost charge represents contributions paid by the company to the private pension plans of the directors and amounted to £30,400 (2023: £40,000). No contributions were payable at the Statement of Financial Position date.

10. Related party transactions

Included within debtors due within one year are amounts owed by an entity controlled by the directors of £Nil (2023: £125). The amounts are unsecured and interest free, with no fixed repayment terms.

Also included within debtors due within one year are amounts owed by one of the directors of £322 (2023: £Nil). Interest of £322 has been charged on the balance, which is unsecured and with no fixed repayment terms.

Included within creditors due within one year are amounts owed by one of the directors of £100 (2023: £Nil). The amounts are unsecured and interest free, with no fixed repayment terms.