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Company registration number:
02417010
Inter-Franc (Golf) Limited
Unaudited Filleted Abridged Financial Statements for the year ended
31 December 2024
Inter-Franc (Golf) Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Inter-Franc (Golf) Limited
Year ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
abridged financial statements
of
Inter-Franc (Golf) Limited
for the year ended
31 December 2024
which comprise the abridged income statement, abridged statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/​.
This report is made solely to the Board of Directors of
Inter-Franc (Golf) Limited
, as a body, in accordance with the terms of our engagement letter dated 12 December 2010. Our work has been undertaken solely to prepare for your approval the
abridged financial statements
of
Inter-Franc (Golf) Limited
and state those matters that we have agreed to state to the Board of Directors of
Inter-Franc (Golf) Limited
, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com/​. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Inter-Franc (Golf) Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Inter-Franc (Golf) Limited
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Inter-Franc (Golf) Limited
. You consider that
Inter-Franc (Golf) Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abridged financial statements of Inter-Franc (Golf) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
Switch Accounting Limited
The IncuHive Space, Hursley Campus
Hursley Park Road
Winchester
Hampshire
SO21 2JN
United Kingdom
Date:
24 September 2025
Inter-Franc (Golf) Limited
Abridged Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Intangible assets 5
4,000
 
4,000
 
Tangible assets 5
2,147,420
 
2,147,594
 
2,151,420
 
2,151,594
 
Current assets    
Stocks
335
 
353
 
Debtors
3,094
 
3,257
 
Cash at bank and in hand -  
3,798
 
3,429
 
7,408
 
Creditors: amounts falling due within one year
(2,885,160
 )
(2,893,306
 )
Net current liabilities
(2,881,731
 )
(2,885,898
 )
Total assets less current liabilities (730,311 ) (734,304 )
Provisions for liabilities
(198
 )
(111
 )
Net liabilities
(730,509
 )
(734,415
 )
Capital and reserves    
Called up share capital
14,000
 
14,000
 
Share premium
172,000
 
172,000
 
Revaluation reserve
151,648
 
151,648
 
Profit and loss account
(1,068,157
 )
(1,072,063
 )
Shareholders deficit
(730,509
 )
(734,415
 )
For the 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:
  • The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended
31 December 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged 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.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
26 September 2025
, and are signed on behalf of the board by:
J Fay
Director
Company registration number:
02417010
Inter-Franc (Golf) Limited
Notes to the Abridged Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
209 West Street
,
Fareham
,
Hampshire
,
PO16 0EN
, .

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company funds the day to day working capital requirements via the continued support of related party businesses who were owed £2,731,171 at the year end (prior year : unchanged). The directors have considered the future trading position of the company and believe that with their continued support, the company will be able to meet its liabilities as they fall due. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Patents, trademarks and licences
Revaluation

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% reducing balance

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
3
).

5 Fixed assets

Intangible assetsTangible assetsTotal
£££
Cost      
At
1 January 2024
and
31 December 2024
4,000
 
2,241,972
  2,245,972  
Amortisation and depreciation      
At
1 January 2024
 -  
94,378
  94,378  
Charge -  
174
  174  
At
31 December 2024
 -  
94,552
  94,552  
Carrying amount      
At
31 December 2024
4,000
 
2,147,420
 
2,151,420
 
At 31 December 2023
4,000
 
2,147,594
 
2,151,594
 

Fixed assets held at valuation

In respect of fixed assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
Tangible assetsTangible assets
££
Aggregate historical cost 2,013,660   2,013,660  
Carrying amount 2,013,660   2,013,660  

7 Controlling party

The controlling parties are the director's by virtue of them holding the entire share capital of the company.