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Muirfield Holdco Limited
Company Statement of Changes in Equity
For the Period Ended 31 December 2024
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Comprehensive income for the period
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Comprehensive income for the period
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The notes on pages 14 to 31 form part of these financial statements.
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Page 12
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Muirfield Holdco Limited
Consolidated Statement of Cash Flows
For the Period Ended 31 December 2024
Cash flows from operating activities
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Profit/(loss) for the financial period
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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(Increase)/decrease in stocks
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Decrease/(increase) in debtors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of period
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Foreign exchange reserve - movement
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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Page 13
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
Muirfield Holdco Limited is a private company limited by shares, incorporated in England and Wales with the registration number 12123223. The registered office address is Units 16 - 17, Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
The principal activity of the company is as a holding company to a group that manufactures and sells golf equipment.
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 financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Having reviewed the funding facilities available to the Group together with the expected ongoing demand and the future projected cash flows, the directors have a reasonable expectation that the company has adequate resources to continue its activities for the foreseeable future. The directors have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements. The Group has a loan of £8,049,989 due to Beechbrook Capital currently shown within creditors due within one year. After the year end, the directors received approval to an extension of this loan through to October 2026. On this basis, the directors are confident that it is appropriate to continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Directors' responsibilities.
Page 14
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 15
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Plant and machinery (including motor vehicles)
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash
flow and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Page 16
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. 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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 17
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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Hire purchase and leasing commitments
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Page 18
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Page 19
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
The whole of the turnover is attributable to the one principal activity of the subsidiary companies. The directors have not dislcosed the analysis of the turnover by geographical location on the basis that this would be prejudical to the group.
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Insurance claims receivable
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The operating profit is stated after charging:
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Depreciation - owned assets
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Amortisation of intangibles
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Other operating lease rentals
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During the period, the Group obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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Page 20
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the period was as follows:
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Group contributions to defined contribution pension schemes
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During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £584,798 (2023 - £168,170).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,375 (2023 - £8,700).
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Page 21
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Interest payable and similar expenses
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Other loan interest payable
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Foreign tax on income for the year
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Foreign tax in respect of prior periods
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Page 22
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
11.Taxation (continued)
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Factors affecting tax charge for the period/year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes
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Capital allowances for period/year in excess of depreciation
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Higher rate taxes on overseas earnings
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Higher rate taxes on overseas earnings in respect of prior period
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Other timing differences leading to an increase (decrease) in taxation
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Unrelieved tax losses carried forward
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Total tax charge for the period/year
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Page 23
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Charge for the period on owned assets
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Page 24
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Charge for the period on owned assets
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Page 25
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Investments in subsidiary companies
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Direct subsidiary undertaking
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The following was a direct subsidiary undertaking of the Company:
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The registered office of the above company is units 16-17, Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
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Indirect subsidiary undertakings
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The following were indirect subsidiary undertakings of the Company:
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Muirfield Finance Limited
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Motocaddy Holdings Limited
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Motocaddy Golf Ireland Limited
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The registered office for Muirfield Midco Limited, Muirfield Finance Limited, Motocaddy Holdings Limited and Motocaddy Limited is Units 16-17, Stansted Distribution Centre, Start Hill, Great Hallingbury, Hertfordshire, CM22 7DG.
The registered office address of Motocaddy Inc is 2371 La Mirada Drive, Vista, California 92081, United States.
The registered office address of Motocaddy EMEA GmbH (formerly B+M Golf Vertriebs GmbH) is Dieselstr. 27b, D-44805 Bochum, Germany.
The registered office address of Motocaddy Golf Ireland Limited is Unit 2B, DAOL Business Centre, Tramore Road, Ballyphehane, Cork, Ireland, T12 KC92.
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Page 26
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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Finished goods and goods for resale
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The carrying value of stocks are stated net of impairment losses totalling £nil (2023 - £nil). Impairment losses totalling £nil (2023 - £nil) were recognised in profit and loss.
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Amounts falling due after more than one year
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Amounts owed by group undertakings
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Amounts falling due within one year
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Called up share capital not paid
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Prepayments and accrued income
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Cash and cash equivalents
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Page 27
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period 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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Other taxation and social security
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Accruals and deferred income
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At 31 December 2024, loans totalling £16,865,248 (2023 - £18,084,581) of the above balance were outstanding arising as a result of the acquisition of the group in the prior year and are as follows:
i.Loan notes of £8,815,259 (2023 - £8,815,259) are unsecured.
ii.A loan facility of £8,049,989 (2023 - £9,269,322) is secured by way of fixed and floating charges over the assets of both the company and the group of which it is part of, in favour of Beechbrook UK SME Credit Ltd.
iii.The loan notes have fixed repayment dates of December 2022. The loan notes are subject to a deed of subordination in favour of the loan facility.
iv.At 31 December 2024, the loan facility was due for repayment on 31 December 2025. The loan notes and associated interest have been included within creditors: amounts due within one year at 31 December 2024. Post year end, an extension has been agreed for the loan facility with a revised repayment date of 1 October 2026.
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Page 28
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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10,000,000 (2023 - 10,000,000) A preference shares shares of £0.01 each
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7,950,000 (2023 - 7,950,000) B preference shares shares of £0.01 each
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1,944,214 (2023 - 1,944,214) Ordinary shares shares of £0.01 each
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Foreign exchange reserve
This reserve represents the foreign exchange gains or losses that arise on translation of the overseas subsidiaries for consolidation.
Profit and loss account
This profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders. The profit and loss account is fully distributable at each year end.
Page 29
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £60,960 (2023 - £54,053). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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25.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).
Page 30
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Muirfield Holdco Limited
Notes to the Financial Statements
For the Period Ended 31 December 2024
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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.
The following are transactions with those outside of the group:
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Loans due to those with control, joint control or significant influence
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Loans due to key management personnel
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Interest paid to those with control, joint control or significant influence
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Interest paid to those with control, joint control or significant influence
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In the opinion of the Directors, there is no ultimate controlling party.
Page 31
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