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Company registration number: 01950396
Tilsworth Golf Centre Ltd
Unaudited filleted financial statements
28 February 2025
Tilsworth Golf Centre Ltd
Contents
Director's report
Statement of financial position
Notes to the financial statements
Tilsworth Golf Centre Ltd
Director's report
Year ended 28th February 2025
The director presents his report and the unaudited financial statements of the company for the year ended 28th February 2025.
Director
The director who served the company during the year was as follows:
Mr N Webb
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 May 2025 and signed on behalf of the board by:
Mr N Webb
Director
Tilsworth Golf Centre Ltd
Statement of financial position
28th February 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 626,785 566,045
_______ _______
626,785 566,045
Current assets
Stocks 156,672 140,784
Debtors 6 612,670 614,420
Cash at bank and in hand 34,138 165,688
_______ _______
803,480 920,892
Creditors: amounts falling due
within one year 7 ( 202,460) ( 211,193)
_______ _______
Net current assets 601,020 709,699
_______ _______
Total assets less current liabilities 1,227,805 1,275,744
Creditors: amounts falling due
after more than one year 8 ( 444,455) ( 408,587)
Provisions for liabilities ( 28,169) ( 10,391)
_______ _______
Net assets 755,181 856,766
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 754,181 855,766
_______ _______
Shareholders funds 755,181 856,766
_______ _______
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 May 2025 , and are signed on behalf of the board by:
Mr N Webb
Director
Company registration number: 01950396
Tilsworth Golf Centre Ltd
Notes to the financial statements
Year ended 28th February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dunstable Road, Tilsworth, Bedfordshire, LU7 9PU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions 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.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2024: 12 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1st March 2024 654,073 155,095 345,813 1,154,981
Additions - 106,059 600 106,659
Disposals - ( 64,150) ( 560) ( 64,710)
_______ _______ _______ _______
At 28th February 2025 654,073 197,004 345,853 1,196,930
_______ _______ _______ _______
Depreciation
At 1st March 2024 137,949 114,753 336,234 588,936
Charge for the year 2,016 31,707 2,076 35,799
Disposals - ( 54,030) ( 560) ( 54,590)
_______ _______ _______ _______
At 28th February 2025 139,965 92,430 337,750 570,145
_______ _______ _______ _______
Carrying amount
At 28th February 2025 514,108 104,574 8,103 626,785
_______ _______ _______ _______
At 28th February 2024 516,124 40,342 9,579 566,045
_______ _______ _______ _______
6. Debtors
2025 2024
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 600,114 600,114
Other debtors 12,556 14,306
_______ _______
612,670 614,420
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 33,268 32,500
Trade creditors 96,616 70,148
Social security and other taxes 17,804 73,780
Other creditors 54,772 34,765
_______ _______
202,460 211,193
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Other creditors 444,455 408,587
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025 2024
£ £
Included in provisions (note ) 28,169 10,391
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2025 2024
£ £
Accelerated capital allowances 28,169 10,391
_______ _______