Financial Statements for the year ended 30 November 2025

General Information

Strategic Report

Directors' Report

Directors' Responsibilities and Approval

Independent Auditor's Report to the Members of Golfclubs4cash Limited

Statement of Profit & Loss

Balance Sheet

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Financial Statements for the year ended 30 November 2025

SC490678

M D Winton

M N Lambert

E Fleming

Mr M Kerr

Unit 43 Imex Business Centre

Dryden Road

Bilston Glen, Loanhead

Midlothian

EH20 9LZ

The Royal Bank of Scotland plc Edinburgh West End Office 142-144 Princes Street Edinburgh EH2 4EQ

CT Audit Limited

Chartered Accountant and Statutory Auditor

61 Dublin Street

Edinburgh

EH3 6NL

Financial Statements for the year ended 30 November 2025

The directors present their strategic report for the year ended 30 November 2025.

The principal activity of the business is the supply of used golf equipment.

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.

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.

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.

The company does not have any material financial instruments as the company is cash generative.

Financial Statements for the year ended 30 November 2025

M D Winton

Director

Financial Statements for the year ended 30 November 2025

M D Winton

M N Lambert

E Fleming

M D Winton

(Registration Number SC490678)

Financial Statements for the year ended 30 November 2025

Financial Statements for the year ended 30 November 2024

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.

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.

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.

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.

Financial Statements for the year ended 30 November 2024

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.

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.

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.

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.

Financial Statements for the year ended 30 November 2024

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.

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.

Financial Statements for the year ended 30 November 2025

Turnover

Cost of sales

Distribution costs

Administrative expenses

Other operating income

Interest receivable and similar income

Interest payable and similar expenses

Amounts written off investments

Tax on profit

Financial Statements for the year ended 30 November 2025

Tangible assets

Inventory

Debtors: Amounts falling due within one year

Cash at bank and in hand

Creditors: amounts falling due within one year

Called up share capital

Profit and loss account

M D Winton

The notes on pages 14 to 26 form part of these financial statements.

Company registration number: SC490678

(Registration Number SC490678)

Financial Statements for the year ended 30 November 2025

Profit for the year

Total comprehensive income

Dividends recognised as distributions to shareholder

Profit for the year

Total comprehensive income

Dividends recognised as distributions to shareholder

Dividends paid

Interest paid

Taxation refunded/(paid)

Proceeds from disposals of tangible fixed assets

Payments to acquire tangible fixed assets

Interest received

Cash and cash equivalents at beginning of the year

Cash at bank and on hand

The notes on pages 14 to 26 form part of these financial statements.

Financial Statements for the year ended 30 November 2025

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.

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.

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:

Financial Statements for the year ended 30 November 2025

Leasehold land and buildings

Plant and equipment

Motor vehicles

Fixtures and fittings

Computer equipment

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.

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.

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.

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.

Financial Statements for the year ended 30 November 2025

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, 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, 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.

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.

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.

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.

Financial Statements for the year ended 30 November 2025

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.

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.

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 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Financial Statements for the year ended 30 November 2025

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.

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.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

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.

Sale of goods

Interest on bank deposits

Other operating income

Financial Statements for the year ended 30 November 2025

United Kingdom

Europe

United States

Rest of the world

Audit of the financial statements of the company

Non-audit services

The average monthly number of persons (including directors) employed by the company during the year was:

Wages and salaries

Social security costs

Pension costs

Remuneration for qualifying services

Company pension contributions to defined contribution schemes

Benefits in kind

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

The highest paid director's emoluments were as follows:

Remuneration for qualifying services

Defined benefit pension scheme

Benefits in kind

Financial Statements for the year ended 30 November 2025

Operating profit is stated after charging / (crediting):

Exchange losses

Government grants

Depreciation of owned tangible fixed assets

Profit on disposal of tangible fixed assets

Operating lease charges

Interest on bank deposits

United Kingdom corporation tax

Adjustments in respect of previous periods

Originating and reversing temporary differences

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:

Profit before tax from operations

Corporation tax calculated at 25.0%

Tax effect of

Expenses not deductible for tax purposes

Permanent capital allowances in excess of depreciation

Under/(over) provided in prior years

Deferred tax timing differences

Financial Statements for the year ended 30 November 2025

Finished goods and goods for resale

Trade debtors

Other debtors

Prepayments and accrued income

Trade creditors

Other creditors

Overdraft

Government grants

Social security and other taxes

Accruals and deferred income

Corporation tax

Fixed asset timing differences

(Charged) / credited to profit or loss

Financial Statements for the year ended 30 November 2025

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.

Arising from government grants

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.

Charge to profit or loss in respect of defined contribution schemes

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.

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.

This reserve records retained earnings net of accumulated losses.

Financial Statements for the year ended 30 November 2025

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:

Not later than one year

Later than one year and not later than five years

Later than five years

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.

During the financial year ended 30 November 2025 the Directors paid dividends of £650,000 (30 November 2024: £492,101).

Cash

Overdrafts

Corporation tax

Interest receivable and similar income

Finance costs

Depreciation and impairment of tangible fixed assets

Gain on disposal of tangible fixed assets

Other gains and losses

Financial Statements for the year ended 30 November 2025

Adjustments for increase in inventories

Adjustments for increase in debtors

Adjustments for increase in creditors

Decrease in deferred income

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.

150

109

30 November 2025

0001-01-01

30 July 2026

The Principle activity of the business is the supply of used gold equipment

30 November 2025

GolfClubs4Cash Limited

false

CT Audit Limited

E Fleming

M N Lambert

M D Winton

CT Audit Limited

Draftworx Cloud

CT Audit Limited

01 December 2024

SC490678

2026.14.0.0

No Value Reported