Golf Carts Europe Limited

Financial Statements for the Year Ended 31 July 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L Holmes

Mr R Magill

REGISTERED OFFICE:

85 Great Portland Street

London

W1W 7LT

REGISTERED NUMBER:

13522020 (England and Wales)

ACCOUNTANTS:

Hargreaves Owen Ltd

Chartered Certified Accountants

Red Sky House

Fairclough Hall, Halls Green

Weston

Hertfordshire

SG4 7DP

FIXED ASSETS

Tangible assets

4

35,832

14,962

CURRENT ASSETS

Stocks

15,000

45,000

Debtors

5

180,952

31,137

Cash at bank

29,989

46,555

225,941

122,692

CREDITORS

Amounts falling due within one year

6

201,887

116,093

NET CURRENT ASSETS

24,054

6,599

TOTAL ASSETS LESS CURRENT
LIABILITIES

59,886

21,561

CREDITORS

Amounts falling due after more than one
year

7

32,225

-

NET ASSETS

27,661

21,561

CAPITAL AND RESERVES

Called up share capital

8

100

1

Retained earnings

27,561

21,560

SHAREHOLDERS' FUNDS

27,661

21,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr L Holmes - Director

1.	STATUTORY INFORMATION

Golf Carts Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 August 2023

19,950

Additions

32,813

At 31 July 2024

52,763

DEPRECIATION

At 1 August 2023

4,988

Charge for year

11,943

At 31 July 2024

16,931

NET BOOK VALUE

At 31 July 2024

35,832

At 31 July 2023

14,962

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

17,742

7,803

Intercompany loan

119,777

-

Other debtor

30,000

-

Called up share capital not paid

99

-

Prepayments

13,334

23,334

180,952

31,137

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts

14,250

19,950

Trade creditors

761

10,026

Corporation tax

3,037

2,444

VAT

179,649

59,883

Directors' current accounts

2,190

22,375

Accrued expenses

2,000

1,415

201,887

116,093

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Hire purchase contracts

32,225

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

53

Ordinary X shares

£1

53

1

47

Ordinary Y shares

£1

47

-

100

1

From 19 February 2024, the company restructured it's shares. 99 new shares were issued, 52 Ordinary X shares and 47 Ordinary Y shares. The one ordinary share previously in issue was reclassified as one Ordinary X share. Investment Wedge Ltd became a 47% shareholder and Person of Significant Control.

9.	RELATED PARTY DISCLOSURES

During the year, the company paid consultancy fees and commission amounting to £36,711 to LH Management Consultants Ltd, a company in which Mr L Holmes has a controlling interest. Consultancy fees amounting to £19,577 were paid to Investment Wedge Ltd, a company in which Mr R Magill has a controlling interest. Commission amounting to £13,500 were paid to Magill Marketing & Management Ltd, a company in which Mr R Magill has a controlling interest.