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Registration number: SC647874

Druids Golf Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Druids Golf Ltd

Contents

Director's Report | 1
Strategic Report | 2
Independent Auditor's Report | 3 to 5
Profit and Loss Account | 6
Balance Sheet | 7
Statement of Changes in Equity | 8
Statement of Cash Flows | 9
Notes to the Financial Statements | 10 to 17

Druids Golf Ltd

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Donald Lewis Jones

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Information included in the Strategic Report

In accordance with the provisions of S414c(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report
• Financial instruments incorporating financial risk management objectives and policies, and.
• Likely future developments in the business of the Company.

Approved and authorised by the director on 29 September 2025

......................................... Mr Donald Lewis Jones Director

Druids Golf Ltd

Strategic Report for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is retail sale of golf clothing and apparel.

Fair review of the business

The UK online golf retail market continues to experience steady growth, and online sales are projected to continue to climb for the foreseeable future but the market is highly competitive, and large global brands continue to dominate the market place. The directors are aware that to compete and grow, the company needs to provide excellent products and service at a competitive price.
The director is pleased to report to report that the company’s growth in revenue has outpaced that of the market, and the Company is now the fastest growing online golf retailer in Europe. This has resulted in increases in both market share and profitability.
The directors are acutely aware that the company needs to attract customers in the first instance and has invested heavily in advertising and marketing to promote its business. This has had a large impact in increasing revenue, but an equally encouraging factor in growth has been the level of repeat customers and new customers who arrive to the site via word-of-mouth recommendations. Customer loyalty has been an encouraging metric, which has helped to reassure management that their focus on people and processes is the correct approach to obtaining sustainable growth.
Overall the director is pleased with the performance of the Company for the year and expects revenues and profitability to continue to grow for the foreseeable future.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2024 | 2023
Turnover | £'000 | 22,452 | 11,234
Profit before tax | £'000 | 5,203 | 1,293

Principal risks and uncertainties

The principal risks facing the Company arise from the competitive nature of the trading environment. There are high levels of competition from major e-commerce platforms, specialty online golf retailers, direct-to-consumer and new entrants to the market brands.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The Company does not have any necessity to engage in any form of hedging activities nor is the utilisation of any other form of financial instrument required. The Company is highly profitable and has a net cash surplus, such that it is not facing any liquidity or cash flow risk. Management actively monitor cash flow on a regular basis to ensure necessary funds are available to meet operating and financing requirements.

Approved and authorised by the director on 29 September 2025

......................................... Mr Donald Lewis Jones Director

Druids Golf Ltd

Independent Auditor's Report to the Members of Druids Golf Ltd

Opinion

We have audited the financial statements of Druids Golf Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 profit 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.

Basis for opinion

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 auditor 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 UK, including the FRC’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

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Druids Golf Ltd

Independent Auditor's Report to the Members of Druids Golf Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 1], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• | We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the online retail industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.
• | The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.
• | We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

Druids Golf Ltd

Independent Auditor's Report to the Members of Druids Golf Ltd

• | In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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 auditor’s 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.

......................................
Peter Stevenson (Senior Statutory Auditor)
For and on behalf of Stevenson & Wilson, Statutory Auditor
22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

29 September 2025

Druids Golf Ltd

Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | 22,452,187 | 11,234,094
Cost of sales |  | (14,978,335) | (7,823,198)
Gross profit |  | 7,473,852 | 3,410,896
Administrative expenses |  | (2,107,970) | (1,830,278)
Operating profit | 4 | 5,365,882 | 1,580,618
Other interest receivable and similar income | 5 | 130,565 | 4,531
Interest payable and similar expenses | 6 | (293,124) | (292,541)
Profit before tax |  | 5,203,323 | 1,292,608
Tax on profit | 9 | (156,100) | (327,593)
Profit for the financial year |  | 5,047,223 | 965,015

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Druids Golf Ltd

(Registration number: SC647874)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 10 | 186,923 | 167,265
Current assets |  |  |
Stocks | 11 | 7,527,317 | 3,183,271
Debtors | 12 | 433,817 | 1,285,845
Cash at bank and in hand |  | 2,858,317 | 1,485,541
|  | 10,819,451 | 5,954,657
Creditors: due within one year | 14 | (4,281,604) | (3,428,185)
Net current assets |  | 6,537,847 | 2,526,472
Total assets less current liabilities |  | 6,724,770 | 2,693,737
Creditors: due after more than one year | 15 | (118,334) | (143,917)
Net assets |  | 6,606,436 | 2,549,820
Capital and reserves |  |  |
Called up share capital | 17 | 100 | 100
Retained earnings |  | 6,606,336 | 2,549,720
Shareholders' funds |  | 6,606,436 | 2,549,820

Approved and authorised by the director on 29 September 2025

.............................................. Mr Donald Lewis Jones Director

Druids Golf Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 100 | 2,549,720 | 2,549,820
Profit for the year | - | 5,047,223 | 5,047,223
Dividends | - | (990,607) | (990,607)
At 31 December 2024 | 100 | 6,606,336 | 6,606,436

| Share capital £ | Retained earnings £ | Total £
At 1 January 2023 | 100 | 1,794,705 | 1,794,805
Profit for the year | - | 965,015 | 965,015
Dividends | - | (210,000) | (210,000)
At 31 December 2023 | 100 | 2,549,720 | 2,549,820

Druids Golf Ltd

Statement of Cash Flows for the Year Ended 31 December 2024

| 2024 £ | 2023 £
Cash flows from operating activities
Operating profit for the year | 5,397,590 | 1,292,211
Adjustments to cash flows from non-cash items |  |
Depreciation and amortisation | 40,117 | 33,075
Loss on disposal of tangible assets | 4,621 | 12,773
| 5,442,328 | 1,338,059
Working capital adjustments |  |
Increase in stocks | (4,344,046) | (74,021)
Decrease/(increase) in trade debtors | 852,028 | (625,366)
Increase in trade creditors | 1,090,772 | 271,410
Cash generated from operations | 3,041,082 | 910,082
Corporation tax paid | (189,660) | (87,048)
Net cash flow from operating activities | 2,851,422 | 823,034
Cash flows from investing activities |  |
Interest received | 130,565 | 4,531
Acquisitions of tangible assets | (84,397) | (92,320)
Proceeds from sale of tangible assets | 20,001 | 40,862
| 66,169 | (46,927)
Cash flows from financing activities |  |
Interest paid | (216,659) | (4,134)
Repayment of bank borrowing | (10,000) | (10,000)
Repayment of other borrowing | (264,484) | (505,705)
Receipts from finance lease debtors | - | 82,500
Payments to finance lease creditors | (63,065) | (63,651)
Dividends paid | (990,607) | (210,000)
| (1,544,815) | (710,990)
Net increase in cash and cash equivalents | 1,372,776 | 65,117
Cash and cash equivalents at 1 January | 1,485,541 | 1,420,424
Cash and cash equivalents at 31 December | 2,858,317 | 1,485,541

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 2 Cliftonhall Yards,
Newbridge,
Edinburgh
EH28 8QN
Scotland

These financial statements were authorised for issue by the director on 29 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The accounts are prepared in Pounds Sterling, which is the functional currency of the Company.

Key sources of estimation uncertainty

The directors are required to disclose the judgements that have been made in the application of the accounting policies and which have a significant effect on amounts recognised in the financial statements. In addition, they are required to disclose information about key assumptions and other key sources of estimation uncertainty that have a risk of causing material adjustment to the carrying value of assets and liabilities within the next financial year. Having done so, they have not identified any judgements or estimates that give rise to a risk of a material adjustment within the next year..

Revenue recognition

Revenue derived from the sale of goods via the Company’s online platform is recognised when the performance obligation is satisfied. The is taken at the point of despatch, when the company has fulfilled its obligations and responsibilities and has supplied the goods to the courier. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Sales are subject to a standard customer right of return within a specified period and the Company is obligated to provide a refund for returned goods. The Company recognises revenue only to the amount of consideration it expects to be entitled and so makes a provision for goods which are subsequently returned. An asset is recognised for the Company's right to recover products from customers on settling the refund liability. This asset is measured at the former carrying amount of the stock, less any expected costs to recover the goods.

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. he cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 20% straight line basis
Fixtures, fittings and equipment | 20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Inventories are stated at the lower of cost and net realisable value (selling price less costs to complete and sell) and valued on a FIFO basis. Cost includes purchase price, import duties, transport and handling costs and other directly attributable costs. Trade discounts, rebates, and other similar items are deducted in determining the purchase cost. Costs of selling, general administration, and storage are excluded from the cost of inventories and recognised as an expense in the period in which they are incurred.
Provision is made against the carrying value, where net realisable value exceeds cost. This assessment is performed by considering factors such as, physical damage or deterioration, obsolescence, or slow-moving and discontinued lines. Any write-down is recognised as an expense in the period in which the write-down or loss occurs.

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
The Company only has financial instruments of a category classified as "Basic Financial Instruments" as per the definition in Section 11 of FRS 102.
Recognition and measurement
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including loans, trade and other payables, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Sale of goods | 22,452,187 | 11,234,094

An analysis of the Company's turnover by geographical area has not been provided since, in the opinion of the directors, its disclosure would be seriously prejudicial to the interests of the company.

4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | 40,117 | 33,075
Operating lease expense - plant and machinery | 860 | -
Loss on disposal of property, plant and equipment | 4,621 | 12,773

5 | Other interest receivable and similar income

| 2024 £ | 2023 £
Credit on settlement of debt | 119,128 | -
Interest income on bank deposits | 11,437 | 4,531
| 130,565 | 4,531

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

6 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest on bank overdrafts and borrowings | 284,350 | 292,541
Interest expense on other finance liabilities | 8,724 | -
Foreign exchange gains/losses | 50 | -
| 293,124 | 292,541

7 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 12,500 | -

8 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 689,207 | 368,158
Social security costs | 56,094 | 32,015
Pension costs, defined contribution scheme | 7,073 | 11,564
Other employee expense | 770 | -
| 753,144 | 411,737

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Administration and support | 2 | 2
Sales, marketing and distribution | 23 | 12
| 25 | 14

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

9 | Taxation

Tax charged/(credited) in the income statement

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | - | 327,593
Foreign tax | 156,100 | -
Tax expense in the income statement | 156,100 | 327,593

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:

| 2024 £ | 2023 £
Profit before tax | 5,203,323 | 1,292,608
Corporation tax at standard rate | 1,300,831 | 304,021
Increase in UK and foreign current tax from adjustment for prior periods | - | 19,387
Tax increase from effect of capital allowances and depreciation | - | 4,185
Effect of foreign tax rates | (1,144,731) | -
Total tax charge | 156,100 | 327,593

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

10 | Tangible assets

| Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 22,366 | 221,784 | 244,150
Additions | - | 84,397 | 84,397
Disposals | - | (29,545) | (29,545)
At 31 December 2024 | 22,366 | 276,636 | 299,002
Depreciation
At 1 January 2024 | 9,326 | 67,559 | 76,885
Charge for the year | 2,608 | 37,509 | 40,117
Eliminated on disposal | - | (4,923) | (4,923)
At 31 December 2024 | 11,934 | 100,145 | 112,079
Carrying amount
At 31 December 2024 | 10,432 | 176,491 | 186,923
At 31 December 2023 | 13,040 | 154,225 | 167,265

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2024 £ | 2023 £
Plant and machinery | 77,437 | 126,340

11 | Stocks

| 2024 £ | 2023 £
Finished goods and goods for resale | 7,527,317 | 3,183,271

12 | Debtors

| 2024 £ | 2023 £
Trade debtors | 386,094 | 241,741
Other debtors | 23,506 | 6,660
Prepayments | 24,217 | 1,037,444
| 433,817 | 1,285,845

Druids Golf Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

13 | Cash and cash equivalents

| 2024 £ | 2023 £
Cash at bank | 2,858,317 | 1,485,541

14 | Creditors: due within one year

| 2024 £ | 2023 £
Loans and borrowings | 1,586,220 | 1,821,721
Trade creditors | 216,277 | 36,764
Social security and other taxes | 1,407,747 | 712,760
Other payables | 556,771 | 340,499
Accrued expenses | 31,708 | -
Income tax liability | 482,881 | 516,441
| 4,281,604 | 3,428,185

15 | Creditors: due after more than one year

| 2024 £ | 2023 £
Bank borrowings | 4,110 | 24,167
HP and finance lease liabilities | 114,224 | 119,750
| 118,334 | 143,917

16 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,073 (2023 - £11,564).

17 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

18 | Parent and ultimate parent undertaking

The ultimate controlling party is Mr Donald Lewis Jones by virtue of his majority shareholding.