Golfwise Enterprises Ltd
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 12311274 (England and Wales)
Golfwise Enterprises Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Golfwise Enterprises Ltd
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
542,009
602,370
Current assets
Debtors
4
1,372
1,372
Cash at bank and in hand
35,147
21,532
36,519
22,904
Creditors: amounts falling due within one year
5
(25,068)
(23,445)
Net current assets/(liabilities)
11,451
(541)
Total assets less current liabilities
553,460
601,829
Creditors: amounts falling due after more than one year
6
(318,000)
(354,000)
Provisions for liabilities
(42,974)
(42,034)
Net assets
192,486
205,795
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
192,386
205,695
Total equity
192,486
205,795

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Golfwise Enterprises Ltd
Balance Sheet (Continued)
As at 30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
S Cole
Director
Company Registration No. 12311274
Golfwise Enterprises Ltd
Notes to the Financial Statements
For the year ended 30 September 2024
Page 3
1
Accounting policies
Company information

Golfwise Enterprises Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received for the use of the company's facilities, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15 years straight line
Plant and equipment
5 years straight line

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.

Golfwise Enterprises Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 4
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2023: 5).

Golfwise Enterprises Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 5
3
Tangible fixed assets
Leasehold Improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
752,874
27,094
779,968
Additions
-
0
512
512
At 30 September 2024
752,874
27,606
780,480
Depreciation and impairment
At 1 October 2023
161,524
16,074
177,598
Depreciation charged in the year
55,352
5,521
60,873
At 30 September 2024
216,876
21,595
238,471
Carrying amount
At 30 September 2024
535,998
6,011
542,009
At 30 September 2023
591,350
11,020
602,370
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,372
1,372
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,392
7,585
Taxation and social security
13,926
13,110
Accruals and deferred income
2,750
2,750
25,068
23,445
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
318,000
354,000
Golfwise Enterprises Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 6
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Related party transactions

At the year end date, included in long term creditors is £318,000 (2023: £354,000) owed the directors of the company. There is no formal loan agreement in place however the directors do not expect repayment of this loan within 12 months of the balance sheet date.

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