Bob Millar Limited - Accounts to registrar (filleted) - small 18.2

BOB MILLAR LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 31ST JANUARY 2021 TO 29TH JANUARY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K S Gaffney

R D G Millar

REGISTERED OFFICE:

2 - 6 Golf Place

St Andrews

Fife

KY16 9JA

REGISTERED NUMBER:

SC168787 (Scotland)

SENIOR STATUTORY AUDITOR:

Joanne Gibson

AUDITORS:

JRW

Chartered Accountants &

Statutory Auditor

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

SOLICITORS:

Shepherd & Wedderburn, W.S.

1 West Regent Street

Glasgow

G2 1RW

FIXED ASSETS

Intangible assets

4

5,207

7,757

Tangible assets

5

81,773

67,119

Investments

6

1

1

86,981

74,877

CURRENT ASSETS

Stocks

707,173

650,526

Debtors

7

97,669

44,223

Cash at bank and in hand

909,535

819,206

1,714,377

1,513,955

CREDITORS

Amounts falling due within one year

8

424,153

250,185

NET CURRENT ASSETS

1,290,224

1,263,770

TOTAL ASSETS LESS CURRENT LIABILITIES

1,377,205

1,338,647

CREDITORS

Amounts falling due after more than one year

9

(187,500

)

(220,833

)

PROVISIONS FOR LIABILITIES

(15,400

)

(12,600

)

NET ASSETS

1,174,305

1,105,214

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

1,114,305

1,045,214

SHAREHOLDERS' FUNDS

1,174,305

1,105,214

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th May 2022 and were signed on its behalf by:

R D G Millar - Director

Mrs K S Gaffney - Director

1.	STATUTORY INFORMATION

Bob Millar Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have considered the potential impact of the Covid-19 pandemic and Brexit on the business and are satisfied that the company has sufficient cash reserves to meet all the financial obligations for the foreseeable future.

The directors are continuing to invest in the development of the company's website to increase the customer base and future proof the business for the next chapter of growth & development.

The directors are also planning on extending the shop at 2-6 Golf Place to create more sales space and 2 new swing studios which will further increase sales of golf clubs.

The Dunhill in the forthcoming years and the Open in 2022 is expected to have a positive impact on the trading and cash flow of the business, as experienced during previous events.

The directors have prepared cash flow projections through to January 2023. The projections include:

- The continued impact of COVID-19 on the company and the wider economy.

- Increased visitors to St Andrews in 2022 compared to the last 2 years for the 150th Open in the summer of 2022

- Continuation of agreed bank loan.

- Profit margins on stock items to remain consistent with previous years.

The projections indicate that the company should continue to operate within its agreed borrowing limits. Having reviewed the cash flow projections, and whilst accepting that the future will be challenging, the directors believe that the company has the ability to continue as a going concern for the foreseeable future.

Turnover

The company operates retail stores for the sale of golfing equipment and clothing. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation.

Property Lease Premium is amortised over life of the lease.

Goodwill, being the amount originally paid in connection with the acquisition of a business in 2011 by the company's subsidiary, was amortised evenly over its estimated useful life of five years.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are accounted for at cost less impairment.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell, after making allowance for obsolete and slow moving items.

The provision for slow moving items is to provide:

- 100% of cost of items purchased over 4 years ago

- 50% of cost of items purchased 3-4 years ago

- 25% of cost of items purchased 1-3 years ago

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities is payment is due within one year or less. If not they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 27 (2021 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 31st January 2021

and 29th January 2022

35,833

51,000

86,833

AMORTISATION

At 31st January 2021

35,833

43,243

79,076

Charge for period

-

2,550

2,550

At 29th January 2022

35,833

45,793

81,626

NET BOOK VALUE

At 29th January 2022

-

5,207

5,207

At 30th January 2021

-

7,757

7,757

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31st January 2021

224,526

Additions

46,453

At 29th January 2022

270,979

DEPRECIATION

At 31st January 2021

157,407

Charge for period

31,799

At 29th January 2022

189,206

NET BOOK VALUE

At 29th January 2022

81,773

At 30th January 2021

67,119

6.	FIXED ASSET INVESTMENTS

The company's 100% subsidiary, St Andrews Golf Store Limited, is dormant with net assets of £1.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

26,231

-

Other debtors

71,438

44,223

97,669

44,223

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

50,000

29,167

Trade creditors

90,869

49,707

Taxation and social security

107,471

30,123

Other creditors

175,813

141,188

424,153

250,185

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

175,000

220,833

Other creditors

12,500

-

187,500

220,833

Amounts falling due in more than five years:

Repayable by instalments

CBIL- More than 5 years

-

20,833

10.	SECURED DEBTS

Bank borrowings are secured by a floating charge over the assets of the company.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Gibson (Senior Statutory Auditor)

for and on behalf of JRW

12.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of£155,110 per annum. Until any breaks in the leases these total £698,289.