Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr C N Ivess-Mash 12/12/2002 Mrs W K Ivess-Mash 02/12/2024 29/07/2015 Mr M J Patton 03/08/2017 26 March 2025 The principal activity of the company is rental and sale of new and used golf buggies and utility vehicles. 04616458 2024-12-31 04616458 bus:Director1 2024-12-31 04616458 bus:Director2 2024-12-31 04616458 bus:Director3 2024-12-31 04616458 2023-12-31 04616458 core:CurrentFinancialInstruments 2024-12-31 04616458 core:CurrentFinancialInstruments 2023-12-31 04616458 core:Non-currentFinancialInstruments 2024-12-31 04616458 core:Non-currentFinancialInstruments 2023-12-31 04616458 core:ShareCapital 2024-12-31 04616458 core:ShareCapital 2023-12-31 04616458 core:RetainedEarningsAccumulatedLosses 2024-12-31 04616458 core:RetainedEarningsAccumulatedLosses 2023-12-31 04616458 core:LandBuildings 2023-12-31 04616458 core:PlantMachinery 2023-12-31 04616458 core:Vehicles 2023-12-31 04616458 core:OfficeEquipment 2023-12-31 04616458 core:LandBuildings 2024-12-31 04616458 core:PlantMachinery 2024-12-31 04616458 core:Vehicles 2024-12-31 04616458 core:OfficeEquipment 2024-12-31 04616458 core:CurrentFinancialInstruments core:Secured 2024-12-31 04616458 core:Non-currentFinancialInstruments core:Secured 2024-12-31 04616458 core:MoreThanFiveYears 2024-12-31 04616458 core:MoreThanFiveYears 2023-12-31 04616458 2024-01-01 2024-12-31 04616458 bus:FilletedAccounts 2024-01-01 2024-12-31 04616458 bus:SmallEntities 2024-01-01 2024-12-31 04616458 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04616458 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04616458 bus:Director1 2024-01-01 2024-12-31 04616458 bus:Director2 2024-01-01 2024-12-31 04616458 bus:Director3 2024-01-01 2024-12-31 04616458 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 04616458 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 04616458 core:Vehicles core:TopRangeValue 2024-01-01 2024-12-31 04616458 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 04616458 2023-01-01 2023-12-31 04616458 core:LandBuildings 2024-01-01 2024-12-31 04616458 core:PlantMachinery 2024-01-01 2024-12-31 04616458 core:Vehicles 2024-01-01 2024-12-31 04616458 core:OfficeEquipment 2024-01-01 2024-12-31 04616458 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 04616458 (England and Wales)

GOLF CAR UK LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

GOLF CAR UK LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

GOLF CAR UK LTD

BALANCE SHEET

As at 31 December 2024
GOLF CAR UK LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,851,334 2,838,454
2,851,334 2,838,454
Current assets
Stocks 4 4,097,772 4,486,456
Debtors 5 280,171 504,600
Cash at bank and in hand 19,339 289,357
4,397,282 5,280,413
Creditors: amounts falling due within one year 6 ( 2,833,322) ( 4,559,280)
Net current assets 1,563,960 721,133
Total assets less current liabilities 4,415,294 3,559,587
Creditors: amounts falling due after more than one year 7 ( 1,605,644) ( 1,642,961)
Provision for liabilities ( 229,983) ( 226,529)
Net assets 2,579,667 1,690,097
Capital and reserves
Called-up share capital 200 200
Profit and loss account 2,579,467 1,689,897
Total shareholders' funds 2,579,667 1,690,097

For the financial year ending 31 December 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 Car UK Ltd (registered number: 04616458) were approved and authorised for issue by the Board of Directors on 26 March 2025. They were signed on its behalf by:

Mr C N Ivess-Mash
Director
GOLF CAR UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
GOLF CAR UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 Car UK Ltd (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 Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principal place of business is Andover Business Park, Pioneer Road, Andover, Hampshire, SP11 8EZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Office equipment 4 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution plans

Contribution 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 in finance costs in profit or loss in the period in which it arises.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 22

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 2,585,250 155,535 364,599 218,741 3,324,125
Additions 343 5,655 170,873 66,535 243,406
Disposals 0 ( 3,524) ( 54,273) 0 ( 57,797)
At 31 December 2024 2,585,593 157,666 481,199 285,276 3,509,734
Accumulated depreciation
At 01 January 2024 91,667 64,418 229,783 99,803 485,671
Charge for the financial year 34,809 28,998 99,813 66,905 230,525
Disposals 0 ( 3,524) ( 54,272) 0 ( 57,796)
At 31 December 2024 126,476 89,892 275,324 166,708 658,400
Net book value
At 31 December 2024 2,459,117 67,774 205,875 118,568 2,851,334
At 31 December 2023 2,493,583 91,117 134,816 118,938 2,838,454

4. Stocks

2024 2023
£ £
Stocks 4,097,772 4,486,456

5. Debtors

2024 2023
£ £
Trade debtors 235,016 96,157
Prepayments 41,289 245,742
VAT recoverable 0 162,701
Other debtors 3,866 0
280,171 504,600

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 149,177) 229,177 234,279
Trade creditors 2,068,231 4,012,406
Taxation and social security 406,201 142,486
Obligations under finance leases and hire purchase contracts 82,475 49,509
Other creditors 47,238 120,600
2,833,322 4,559,280

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

2024 2023
£ £
Bank loans (secured £ 1,434,612) 1,487,945 1,587,143
Obligations under finance leases and hire purchase contracts 117,699 55,818
1,605,644 1,642,961

Security has been given on the freehold property owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 688,729 682,417

8. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £2,181,413 (2023 - £1,197,637). In turn, the company will receive assets with an enhanced market value exceeding the amount which the company is committed to pay.