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Registered number: 07286890
Motocaddy Holdings Limited
Annual Report and Financial Statements
For the Year Ended 31 December 2024
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Motocaddy Holdings Limited
Company Information
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Stansted Distribution Centre
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Chartered Accountants & Statutory Auditor
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Motocaddy Holdings Limited
Contents
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Independent Auditors' Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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Motocaddy Holdings Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
During the year, the company continued to hold its investment in Motocaddy Limited, Motocaddy EMEA GmbH, Motocaddy Inc and Motocaddy Golf Ireland Limited.
Further information in respect of the performance of the company's investments are held in those investments' relevant financial statements.
Principal risks and uncertainties
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The main risks and uncertainties affecting the company are consistent with those affecting its investments and hence the value of those investments.
Key performance indicators (KPIs)
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As the company is only a holding company and not a trading company, the board do not rely on any financial key performance indicators.
This report was approved by the board and signed on its behalf.
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Mr J P Helas
Director
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Page 1
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Motocaddy Holdings Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company's principal activity during the financial year was that of a holding company.
The directors who served during the year were:
Mr A S Farmer (resigned 20 January 2025)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Page 2
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Motocaddy Holdings Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Mr J P Helas
Director
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Page 3
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Motocaddy Holdings Limited
Independent Auditors' Report to the Members of Motocaddy Holdings Limited
We have audited the financial statements of Motocaddy Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its result for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
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Motocaddy Holdings Limited
Independent Auditors' Report to the Members of Motocaddy Holdings Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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Motocaddy Holdings Limited
Independent Auditors' Report to the Members of Motocaddy Holdings Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards) we identified the principal risks of non-compliance with laws and regulations. We considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statement such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and
∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside of the normal course of business; and
∙Reading minutes of meetings of those charged with governance; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 6
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Motocaddy Holdings Limited
Independent Auditors' Report to the Members of Motocaddy Holdings Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Spofforth BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Horsham
30 September 2025
Page 7
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Motocaddy Holdings Limited
Profit and Loss Account
For the Year Ended 31 December 2024
The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
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The notes on pages 11 to 14 form part of these financial statements.
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Page 8
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Motocaddy Holdings Limited
Registered number: 07286890
Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr J P Helas
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Mr R J Inglis
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Page 9
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Motocaddy Holdings Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
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The notes on pages 11 to 14 form part of these financial statements.
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Page 10
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Motocaddy Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Motocaddy Holdings Limited is a private company limited by shares and is incorporated in England and Wales with a registration number of 0728690. The address of the registered office is Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency of the financial statements is Pounds Sterling.
The company's financial statements are presented to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Muirfield Holdco Limited as at 31 December 2024 and these financial statements may be obtained from Unit 16 and 17, Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
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Exemption from preparing consolidated financial statements
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The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of Section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 11
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Motocaddy Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects both current and future periods.
In preparing these financial statements, the Directors have made the following judgements:
Impairment of investments
Annually the company considers whether the fixed asset investments are impaired. This includes consideration of the economic viability and expected future financial performance of the investments.
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Audit fees have been borne by Motocaddy Limited and no recharge has been made in respect of these financial statements.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Page 12
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Motocaddy Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Motocaddy Golf Ireland Limited
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The registered office address of Motocaddy Limited is Unit 16 and 17, Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
The registered office address of Motocaddy Inc is 2371 La Merida Drive, Vista, California 92081, United States.
The registered office address of Motocaddy Golf Ireland Limited is Unit 2B, DAOL Business Centre, Tramore Road, Ballyphehane, Cork, Ireland, T12 KC92.
The registered office address of Motocaddy EMEA GmbH (formerly B+M Golf Vertriebs GmbH) is Dieselstr. 27b, D-44805 Bochum, Germany.
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Called up share capital not paid
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Page 13
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Motocaddy Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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11,975 (2023 - 11,975) Ordinary shares of £1 each
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Share premium account
The share premium account represents the premium arising on the issue of shares net of issue costs.
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the company.
11.Other financial commitments
The company has provided a guarantee dated 15 October 2019, along with other group companies, comprising a fixed and floating charge over the assets of each company in favour of Beechbrook UK SME Credit Ltd. As at 31 December 2024, the liabilities outstanding in relation to this guarantee amounted to £8,049,989 (2023 - £9,269,322).
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Related party transactions
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The company has taken advantage of the exemption from disclosing related party transactions with its fellow group members as permitted by FRS102 Section 33.
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The company’s immediate parent company is Muirfield Finance Limited, incorporated in England and Wales.
The ultimate parent company is Muirfield Holdco Limited, also incorporated in England and Wales.
The consolidated financial statements of Muirfield Holdco Limited are available upon request from Unit 16 and 17 Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
In the opinion of the directors there is no controlling party.
Page 14
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