Registration number: SC647874

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