No Value Reported iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC490678 2024-12-01 2025-11-30 SC490678 2025-11-30 SC490678 2023-12-01 2024-11-30 SC490678 5 2024-12-01 2025-11-30 SC490678 5 2023-12-01 2024-11-30 SC490678 2024-11-30 SC490678 bus:Director3 2024-12-01 2025-11-30 SC490678 bus:Director2 2024-12-01 2025-11-30 SC490678 bus:Director1 2024-12-01 2025-11-30 SC490678 bus:MediumEntities 2024-12-01 2025-11-30 SC490678 bus:Audited 2024-12-01 2025-11-30 SC490678 bus:FullAccounts 2024-12-01 2025-11-30 SC490678 bus:Director1 2024-12-01 2025-11-30 SC490678 2024-12-01 2025-11-30 SC490678 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30
GolfClubs4Cash Limited
Registration Number SC490678 (Scotland)
Audited Financial Statements
for the year ended 30 November 2025
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Index
Page
General Information
2
Strategic Report
3 - 4
Directors' Report
5
Directors' Responsibilities and Approval
6
Independent Auditor's Report to the Members of Golfclubs4cash Limited
7 - 9
Statement of Profit & Loss
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Notes to the Financial Statements
14 - 26
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
General Information
Registration Number
SC490678
Directors
M D Winton
M N Lambert
E Fleming
Company Secretary
Mr M Kerr
Registered Office
Unit 43 Imex Business Centre
Dryden Road
Bilston Glen, Loanhead
Midlothian
EH20 9LZ
Bankers
The Royal Bank of Scotland plc Edinburgh West End Office 142-144 Princes Street Edinburgh EH2 4EQ
Auditor
CT Audit Limited
Chartered Accountant and Statutory Auditor
61 Dublin Street
Edinburgh
EH3 6NL
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Strategic Report
The directors present their strategic report for the year ended 30 November 2025.
1.
Review of the business
The principal activity of the business is the supply of used golf equipment.
Overall, performance improved with sales increasing year on year.
During the previous year, the directors undertook several initiatives to reduce the company's cost base and identify areas to increase margins.
The current year has however, seen the industry significantly impacted by various negative macro-economic factors including inflation, particularly related to staff costs, increased utility costs and increases in interest rates.
Despite these factors, trading in the current year has been a further increase in sales and the directors are satisfied with the net performance.
The company continues to take steps to reduce the impact on the environment, switching to fully recyclable packaging.
2.
Principal risks and uncertainties
The directors, however, believe the company has dealt well with these risks over the last year and is well positioned to continue to grow.
The company has a diverse and loyal customer base and is not exposed to undue risk due to the failure of any one or small group of customers.
Close control of stock and debtor levels have ensured that any risks relating to stock write off or bad debt are minimised. The directors believe current policies and monitoring are sufficiently robust to meet its objective of managing exposure to these risks.
3.
Development and performance
The directors believe the company has successfully navigated and thrived during some turbulent times over the previous 5 years. We do however continue to closely manage our cash flows and work in partnership with our bankers and other funders, to ensure we have access to sufficient working and investment capital to respond to any further instability in the market.
In summary, the directors are confident that the business is in a strong position to deliver successful performance and strong financial results over the coming years.
4.
Key performance indicators
The company continues to analyse its development and performance through weekly, monthly and annual KPIs.
The directors monitor: sales, gross margin, operating costs and working capital ratios and indicators. These are used to benchmark the business against competitors and to ensure profitable business performance.
Financial instruments
The company does not have any material financial instruments as the company is cash generative.
Future developments
Since the year end date, the company has expanded further and employs over 150 staff members accross three sites within the UK.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Strategic Report
On behalf of the board:
_______________________
M D Winton
Director
30 July 2026
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Directors' Report
The directors present their annual report and the audited financial statements for the year ended 30 November 2025.
1.
Results and dividends
During the financial year ended 30 November 2025 the Directors paid dividends of £650,000 (30 November 2024: £492,101).
2.
Directors
The directors who served during the year were as follows:
M D Winton
M N Lambert
E Fleming
3.
Disclosure of information to the auditors
We, the directors of the company who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that:
•
there is no relevant audit information of which the company's auditors are unaware; and
•
We have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the directors
_______________________
30 July 2026
M D Winton
GolfClubs4Cash Limited
(Registration Number SC490678)
Financial Statements for the year ended 30 November 2025
Directors' Responsibilities Statement
The directors are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and applicable law). 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 the financial statements, the directors are required to:
•
select suitable accounting policies and then apply them consistently;
•
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
•
make judgements and estimates that are reasonable and prudent; and
•
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2024
Independent Auditor's Report to the Members of Golfclubs4cash Limited
Opinion
We have audited the financial statements of GolfClubs4Cash Limited (the 'company') which comprise the balance sheet as at 30 November 2025, and the statement of profit & loss , the statement of changes in equity and the statement of cash flows for the year then ended, 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 FRS102 The Financial Reports 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 30 November 2025 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 properly prepared in accordance with the requirements of the Companies Act 2006.
0.1
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's 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.
0.2
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the 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 entity'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.
0.3
Other information
The other information comprises 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 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.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2024
Independent Auditor's Report to the Members of Golfclubs4cash Limited
0.4
Opinions on other matters 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 and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•
the strategic and directors' report has been prepared in accordance with applicable legal requirements.
0.5
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 and 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.
0.6
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities and Approval set out on page 6 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.
0.7
Auditor's 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and 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:
•
We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity which were contrary to applicable laws and regulations, including fraud. This included gaining an understanding of the control environment for monitoring compliance with laws and regulations.
•
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2024
Independent Auditor's Report to the Members of Golfclubs4cash Limited
Auditor's Responsibilities for the Audit of the Financial Statements (continued)
We focussed on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:
•
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
•
Reviewing minutes of meetings of those charged with governance;
•
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
•
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
•
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
•
Performing analytical procedures to identify any unexpected movements which may indicate irregularities and substantiated the explanations given for these movements.
•
Reviewing the accounting policies and the application of these policies to ensure compliance with the standard and consistency of application.
•
Specific consideration was given to transactions with related parties.
There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be to become aware of it. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
0.8
Use of this report
This report is made solely to the company's shareholder, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that our state to the company's shareholder 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 shareholder as a body, for our audit work, for this report, or for the opinions we have formed.
.
_______________________
.
Katarzyna Kozak CA (Senior Statutory Auditor)
.
For and on behalf of
.
CT Audit Limited
Chartered Accountants & Statutory Auditor
.
61 Dublin Street
Edinburgh
EH3 6NL
30 July 2026
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Statement of Profit & Loss
Notes
2025 £
2024 £
Turnover
3
47,244,084
32,693,136
Cost of sales
30,745,614
21,939,837
Gross profit
16,498,470
10,753,299
Distribution costs
4,497,923
2,340,041
Administrative expenses
(8,478,833)
(6,004,505)
Other operating income
15,120
10,000
Operating profit
7
3,536,834
2,418,752
Interest receivable and similar income
32,949
9,896
Interest payable and similar expenses
26,948
9,166
Amounts written off investments
1
Profit before taxation
3,542,835
2,419,482
Tax on profit
9
914,934
639,109
Profit for the year
2,627,901
1,780,373
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Balance Sheet
Notes
2025 £
2024 £
Fixed assets
Tangible assets
10
1,062,118
670,757
Current assets
Inventory
11
7,809,081
5,176,611
Debtors: Amounts falling due within one year
12
1,361,533
376,645
Cash at bank and in hand
479,277
23,438
9,649,891
5,576,694
Current liabilities
Creditors: amounts falling due within one year
13
(4,300,947)
(1,861,921)
Net current assets
5,348,944
3,714,773
Total assets less current liabilities
6,411,062
4,385,530
Non-current liabilities
Provision for liabilities
(167,213)
(119,582)
Net assets
6,243,849
4,265,948
Capital and reserves
Called up share capital
17
100
100
Profit and loss account
18
6,243,749
4,265,848
Shareholder's funds
6,243,849
4,265,948
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2026.
Signed on behalf of the Board of Directors
_______________________
_______________________
M D Winton
M N Lambert
30 July 2026
The notes on pages 14 to 26 form part of these financial statements.
Company registration number: SC490678
GolfClubs4Cash Limited
(Registration Number SC490678)
Financial Statements for the year ended 30 November 2025
Statement of Changes in Equity
Called up share capital £
Profit and loss account £
Total £
Balance at 1 December 2023
100
2,977,576
2,977,676
Changes in equity
Profit for the year
-
1,780,373
1,780,373
Total comprehensive income
-
1,780,373
1,780,373
Dividends recognised as distributions to shareholder
-
(492,101)
(492,101)
Balance at 30 November 2024
100
4,265,848
4,265,948
Balance at 1 December 2024
100
4,265,848
4,265,948
Changes in equity
Profit for the year
-
2,627,901
2,627,901
Total comprehensive income
-
2,627,901
2,627,901
Dividends recognised as distributions to shareholder
-
(650,000)
(650,000)
Balance at 30 November 2025
100
6,243,749
6,243,849
Notes
17
1
-
-
GolfClubs4Cash Limited
(Registration Number SC490678)
Financial Statements for the year ended 30 November 2025
Statement of Cash Flows
Notes
2025 £
2024 £
Profit for the year
2,627,901
1,780,373
Net cash flows from operations
23
703,017
791,578
Dividends paid
21
650,000
(492,101)
Interest paid
26,948
(9,166)
Taxation refunded/(paid)
1,096,976
(459,281)
Net cash flows from / (used in) operating activities
1,123,045
(168,970)
Cash flows used in investing activities
Proceeds from disposals of tangible fixed assets
7,599
6,495
Payments to acquire tangible fixed assets
707,754
(239,937)
Interest received
32,949
9,896
Cash flows used in investing activities
667,206
(223,546)
Net increase / (decrease) in cash and cash equivalents
455,839
(392,516)
Cash and cash equivalents at beginning of the year
23,438
415,954
Cash and cash equivalents at end of the year
479,277
23,438
Cash and cash equivalents consists of:
Cash at bank and on hand
479,277
23,438
The notes on pages 14 to 26 form part of these financial statements.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
1. Accounting policies
Company information
GolfClubs4Cash Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 43 Imex Business Centre, Dryden Road, Bilston Glen, Loanhead, Midlothian, EH20 9LZ.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The directors have prepared the financial statements on a going concern basis. At the date of approval, the company has sufficient cash resources and, based on cash flow forecasts, is expected to maintain adequate liquidity for at least twelve months from the date of approval. Although cash balances may fluctuate due to the seasonal nature of the business, any short-term funding requirements are expected to be met through available external funding facilities. The directors therefore have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3 Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Asset class
Useful life / depreciation rate
Leasehold land and buildings
4 and 20 years straight-line
Plant and equipment
4 years straight-line
Motor vehicles
4 years straight-line
Fixtures and fittings
4 years straight-line
Computer equipment
4-5 years straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimates future cashflows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss isrecognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any exess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
1.8 Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legaly 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets are classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, expect that investments in equity instruments that are not publicly traded and whose fair values cannon be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company deducting all of its liabilities.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from related party companies and preference shares 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 present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9 Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividents payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10 Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxible profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset it realised. Deferred tax is charged or credited in the profit and loss account, except when it related to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
1.13 Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2. Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptionsabout 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 of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Asset Useful Lives
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3. Turnover and other revenue
Turnover analysed by class of business
2025 £
2024 £
Sale of goods
47,244,084
32,693,136
Other revenue
2025 £
2024 £
Interest on bank deposits
32,949
-
Other operating income
15,120
10,000
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
The analysis of turnover and other revenue by geographical area is as follows:
2025 £
2024 £
United Kingdom
45,154,847
31,247,374
Europe
1,617,759
1,119,497
United States
152,033
105,208
Rest of the world
319,445
221,057
Total turnover and other revenue
47,244,084
32,693,136
4. Auditor's remuneration
Fees payable to the company's auditor and associates:
1
1
1
1
For audit services
2025 £
2024 £
Audit of the financial statements of the company
14,750
10,950
Non-audit services
5,750
-
5. Employees
The average monthly number of persons (including directors) employed by the company during the year was:
1
1
1
1
2025
2024
150
121
Their aggregate remuneration comprised:
1
1
1
1
2025 £
2024 £
Wages and salaries
3,889,851
2,955,076
Social security costs
352,713
225,955
Pension costs
183,136
146,892
4,425,700
3,327,923
6. Directors' remuneration
2025 £
2024 £
Remuneration for qualifying services
174,463
119,340
Company pension contributions to defined contribution schemes
3,943
1,511
Benefits in kind
52,580
982
230,986
121,833
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).
Highest paid director
The highest paid director's emoluments were as follows:
Remuneration for qualifying services
101,083
93,000
Defined benefit pension scheme
2,903
1,321
Benefits in kind
1,042
429
105,028
94,750
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
7. Operating profit
Operating profit is stated after charging / (crediting):
1
1
1
1
2025 £
2024 £
Exchange losses
5,067
835
Government grants
(10,000)
(10,000)
Depreciation of owned tangible fixed assets
313,914
233,882
Profit on disposal of tangible fixed assets
(5,120)
(1,510)
Operating lease charges
198,486
148,278
8. Interest receivable and similar income
Interest income
2025 £
2024 £
Interest on bank deposits
32,949
9,896
9. Taxation
2025 £
2024 £
Current tax
United Kingdom corporation tax
(867,303)
(650,271)
Adjustments in respect of previous periods
-
(13,555)
Total current tax
(867,303)
(663,826)
Deferred tax
Originating and reversing temporary differences
(47,631)
24,717
Tax on profit
(914,934)
(639,109)
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025 £
2024 £
Profit before tax from operations
3,542,835
2,419,482
Corporation tax calculated at 25.0%
885,709
604,871
Tax effect of
-
Expenses not deductible for tax purposes
5,379
34,143
-
Permanent capital allowances in excess of depreciation
11,772
11,257
-
Under/(over) provided in prior years
-
13,555
-
Deferred tax timing differences
12,074
(24,717)
Tax charge
914,934
639,109
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
10. Tangible assets
1
1
1
1
1
1
1
1
1
1
1
1
Leasehold land and buildings £
Plant and equipment £
Motor vehicles £
Fixtures and fittings £
Computer equipment £
Total £
Cost
At 01 December 2024
153,481
378,925
165,753
29,057
818,894
1,546,110
Additions
60,179
100,736
340,430
16,743
189,666
707,754
Disposals
-
(1,049)
(27,795)
-
(5,575)
(34,419)
At 30 November 2025
213,660
478,612
478,388
45,800
1,002,985
2,219,445
Depreciation
At 01 December 2024
(42,741)
(305,497)
(63,537)
(20,548)
(443,030)
(875,353)
Charge for the year
(22,479)
(42,449)
(84,307)
(6,006)
(158,673)
(313,914)
Eliminated on disposals
-
741
26,733
-
4,466
31,940
At 30 November 2025
(65,220)
(347,205)
(121,111)
(26,554)
(597,237)
(1,157,327)
Net book value
At 01 December 2024
110,740
73,428
102,216
8,509
375,864
670,757
At 30 November 2025
148,440
131,407
357,277
19,246
405,748
1,062,118
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
11. Stocks
2025 £
2024 £
Finished goods and goods for resale
7,809,081
5,176,611
12. Debtors
2025 £
2024 £
Amounts falling due within one year:
Trade debtors
7,713
4,747
Other debtors
1,008,826
203,345
Prepayments and accrued income
344,994
168,553
1,361,533
376,645
Included within other debtors is an related party loan for £840,000 (2024: nil) that will fall due after more than one year.
13. Creditors: amounts falling due within one year
2025 £
2024 £
Trade creditors
1,132,677
480,976
Other creditors
483,182
499,278
Overdraft
1,279,307
-
Government grants
12,500
22,500
Social security and other taxes
247,070
51,271
Accruals and deferred income
511,529
307,625
Corporation tax
634,682
500,271
4,300,947
1,861,921
The overdraft balance is repayable on demand, with an interest rate of 1.5% over the base Bank of England rate and secured through an floating charge over the company's assets.
14. Deferred tax
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Balances
2025 £
2024 £
Fixed asset timing differences
167,213
119,582
Total deferred tax liability per the balance sheet
167,213
119,582
Reconciliation of deferred tax movements
1
1
0
0
0
0
Deferred tax £
Deferred tax 5 £
Total £
Opening balance at 01 December 2024
(119,582)
-
(119,582)
(Charged) / credited to profit or loss
(47,631)
-
(47,631)
Closing balance at 30 November 2025
(167,213)
-
(167,213)
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
It is not possible to reliably measure the amount of the net reversal of deferred tax liabilities expected to occur during the next reporting period.
There is no expiry date for any of the timing differences.
Since April 2023, the UK main rate of corporation tax has increased to 25%. The company's deferred tax assets and liabilities were recalculated at this higher rate in a prior year.
15. Government Grants
The amounts recognised in the financial statements for government grants are as follows:
2025 £
2024 £
Arising from government grants
12,500
22,500
The company has received £25,000 of Scottish Enterprise funding towards IT project costs in 2022. The grant monies are being released to the Profit and Loss Account over a 5 year period. All of the grant funding conditions have been fulfilled. The conditions must continue to be fulfilled for 3 years following receipt of the final installment of grant monites.
16. Retirement benefits schemes
Defined contribution schemes
1
1
1
1
Charge to profit or loss in respect of defined contribution schemes
183,137
146,892
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an indenpendently administered fund.
17. Share Capital
Ordinary share capital Issued and fully paid
2025
2024
2025 £
2024 £
Ordinary share capital of £1 each
100
100
100
100
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regards to the company's residual assets.
18. Profit and loss reserves
This reserve records retained earnings net of accumulated losses.
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
19. Operating lease commitments
As lessee
1
1
1
1
Operating lease commitments represent rentals payable by the company for properties used in the trade. Leases are negotiated for various periods, typically 10 years. The leases contain terms for upwards only rent reviews and break options. There are no purchase options.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows:
2025 £
2024 £
Total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than one year
217,118
143,664
Later than one year and not later than five years
601,254
526,380
Later than five years
260,081
683,359
1,078,453
1,353,403
20. Related party transactions
Transactions with related parties
As at 30 November 2025, £1,007,123 (2024: £198,540) was due from GC4C Property Limited. This is an related party by virtue of directors in common. £824,000 (2024: nil) relates to an related party loan. The loan is interest free, secured,repayable on demand and there are no fixed repayment terms. The other balances outstanding in the year relate to invoices for purchases paid by Golfclubs4cash Limited on behalf of GC4C Property Limited.
21. Directors' transactions
During the financial year ended 30 November 2025 the Directors paid dividends of £650,000 (30 November 2024: £492,101).
22. Analysis of changes in net funds
2024 £
Cash Flows £
2025 £
Cash and cash equivalents
Cash
23,438
455,839
479,277
Overdrafts
-
(1,279,307)
(1,279,307)
23,438
(823,468)
(800,030)
23. Reconciliation of profit to cash flow from operating activities
Profit for the year
2,627,901
1,780,373
Adjustments for:
Corporation tax
(914,934)
639,109
Interest receivable and similar income
(32,949)
(9,896)
Finance costs
26,948
9,166
Depreciation and impairment of tangible fixed assets
313,914
233,883
Gain on disposal of tangible fixed assets
(5,120)
(1,510)
Other gains and losses
-
1
GolfClubs4Cash Limited
Financial Statements for the year ended 30 November 2025
Notes to the Financial Statements
Movements in working capital:
Adjustments for increase in inventories
2,632,470
1,867,570
Adjustments for increase in debtors
984,888
203,354
Adjustments for increase in creditors
2,314,615
221,376
Decrease in deferred income
10,000
10,000
Net cash flows from operations
703,017
791,578
24. Events after the end of the period
After the year end, the Company entered into several new financing arrangements to support working capital and growth requirements. The Company entered into a receivables-purchase funding agreement with Wayflyer under which it received £2,750,000 in exchange for the future remittance of a fixed total amounts. This agreement requires daily/weekly remittances until the full remittance amount is settled. The first draw down of £1,000,000 is due to be fully repaid by July 2026. These transactions occurred after the reporting date and therefore the financial statements for the year ended 31 November 2025 have not been adjusted to reflect these funding arrangements.
25. Capital commitements
At the balance sheet date, the company had capital commitments relating to works contracted prior to year-end but not completed at the reporting date for value of £109,564. .
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_MediumEntities
Accounts status, audited or unaudited
[Current]
bus_Audited
Accounts type
[Current]
bus_FullAccounts
Average number of employees during the period
[Current]
150
Average number of employees during the period
[Prior]
109
Balance sheet date
[Current]
30 November 2025
Creditors [Multiple Tags or Values]
[Prior]
1,861,921
Creditors [Multiple Tags or Values]
[Current]
4,300,947
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
30 July 2026
Description of principal activities
[Current]
The Principle activity of the business is the supply of used gold equipment
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
30 November 2025
Entity current legal or registered name
[Current]
GolfClubs4Cash Limited
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Prior]
8,531,896
Equity [Multiple Tags or Values]
[Current]
12,487,698
Gain (loss) in cash flows from change in operating assets and liabilities [Multiple Tags or Values]
[Current]
308,794
Gain (loss) in cash flows from change in operating assets and liabilities [Multiple Tags or Values]
[Prior]
232,374
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT Audit Limited
Name of entity officer
[Current]
E Fleming
Name of entity officer
[Current]
M N Lambert
Name of entity officer
[Current]
M D Winton
Name of individual auditor
[Current]
CT Audit Limited
Name of production software
[Current]
Draftworx Cloud
Name of senior statutory auditor
[Current]
CT Audit Limited
Other operating expenses, format 2 [Multiple Tags or Values]
[Prior]
5,994,505
Other operating expenses, format 2 [Multiple Tags or Values]
[Current]
8,463,713
Own shares [Multiple Tags or Values]
[Current]
100
Own shares [Multiple Tags or Values]
[Prior]
100
Start date for period covered by report
[Current]
01 December 2024
Total assets [Multiple Tags or Values]
[Prior]
5,576,694
Total assets [Multiple Tags or Values]
[Current]
9,649,891
UK Companies House registered number
[Current]
SC490678
Version of production software
[Current]
2026.14.0.0
Appendix - Footnotes
Further item of non-operating gain (loss) before tax [income statement item, component of profit or loss before tax]
[Current]
No Value Reported