GT Golf Sales Northern Ireland Limited 31/03/2021 iXBRL

GT GOLF SALES NORTHERN IRELAND LIMITED - Company Information

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Company registration number: NI629884

GT Golf Sales Northern Ireland Limited

Unaudited filleted abridged financial statements

31 March 2021

GT Golf Sales Northern Ireland Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

GT Golf Sales Northern Ireland Limited

Directors and other information


	Directors	Tony Judge


	Company number	NI629884
		22 Great Victoria Street
		Belfast
		BT2 7BA


	Accountants	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	First Trust
		322 Antrim Road
		Glengormley
		BT36 5EQ

GT Golf Sales Northern Ireland Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of GT Golf Sales Northern Ireland Limited

Year ended 31 March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GT Golf Sales Northern Ireland Limited for the year ended 31 March 2021 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the board of directors of GT Golf Sales Northern Ireland Limited, as a body, in accordance with the terms of our engagement letter dated 16 December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of GT Golf Sales Northern Ireland Limited and state those matters that we have agreed to state to the board of directors of GT Golf Sales Northern Ireland Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GT Golf Sales Northern Ireland Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that GT Golf Sales Northern Ireland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GT Golf Sales Northern Ireland Limited. You consider that GT Golf Sales Northern Ireland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GT Golf Sales Northern Ireland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hill Vellacott

Chartered accountants

22 Great Victoria Street

Belfast

BT2 7BA

20 December 2021

GT Golf Sales Northern Ireland Limited

Abridged statement of financial position

31 March 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	5	208		508
		_______		_______
			208		508

Current assets
Stocks		-		307
Debtors		6		27,733
Cash at bank and in hand		199,381		37,510
		_______		_______
		199,387		65,550
Creditors: amounts falling due
within one year		( 253,985)		( 51,530)
		_______		_______
Net current (liabilities)/assets			( 54,598)		14,020
			_______		_______
Total assets less current liabilities			( 54,390)		14,528

Creditors: amounts falling due
after more than one year			( 50,000)		-

Provisions for liabilities			( 40)		( 97)

			_______		_______
Net (liabilities)/assets			( 104,430)		14,431
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			( 104,432)		14,429
			_______		_______
Shareholders (deficit)/funds			( 104,430)		14,431
			_______		_______

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 20 December 2021 , and are signed on behalf of the board by:

Tony Judge

Director

Company registration number: NI629884

GT Golf Sales Northern Ireland Limited

Notes to the financial statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is , 22 Great Victoria Street, Belfast, BT2 7BA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2020: 2 ).

5. Tangible assets


		£
	Cost
	At 1 April 2020 and 31 March 2021	1,617
		_______
	Depreciation
	At 1 April 2020	1,109
	Charge for the year	300
		_______
	At 31 March 2021	1,409
		_______
	Carrying amount
	At 31 March 2021	208
		_______
	At 31 March 2020	508
		_______

6. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2021	2020
	£	£
Tony Judge	1	1
	_______	_______

7. Related party transactions

At the year end, amounts owed to GT Golf Sales Northern Ireland Limited from related parties was £Nil (2020: £27,693).At the year end, amounts owed from GT Golf Sales Northern Ireland Limited to related parties was £244,252 (2020: £40,905).