Golfbase Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04597077 (England and Wales)

GOLFBASE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

T F Moore

D A Harrington

SECRETARY:

Mrs V Moore

REGISTERED OFFICE:

Unit B1, Chaucer Business Park

Dittons Road

Polegate

East Sussex

BN26 6JF

REGISTERED NUMBER:

04597077 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

FIXED ASSETS

Tangible assets

4

22,901

24,738

CURRENT ASSETS

Stocks

2,889,639

2,916,608

Debtors

5

1,300,643

870,544

Cash at bank

1,779,806

522,490

5,970,088

4,309,642

CREDITORS

Amounts falling due within one year

6

1,857,622

908,892

NET CURRENT ASSETS

4,112,466

3,400,750

TOTAL ASSETS LESS CURRENT LIABILITIES

4,135,367

3,425,488

PROVISIONS FOR LIABILITIES

5,079

6,185

NET ASSETS

4,130,288

3,419,303

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4,130,188

3,419,203

SHAREHOLDERS' FUNDS

4,130,288

3,419,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd May 2023 and were signed on its behalf by:

T F Moore - Director

D A Harrington - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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 year was 30 (2022 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2022

58,018

47,386

22,325

127,729

Additions

-

1,765

4,538

6,303

At 31st March 2023

58,018

49,151

26,863

134,032

DEPRECIATION

At 1st April 2022

43,653

37,013

22,325

102,991

Charge for year

3,591

3,035

1,514

8,140

At 31st March 2023

47,244

40,048

23,839

111,131

NET BOOK VALUE

At 31st March 2023

10,774

9,103

3,024

22,901

At 31st March 2022

14,365

10,373

-

24,738

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by holding company

1,016,972

748,972

Other debtors

283,671

121,572

1,300,643

870,544

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,652,578

755,387

Taxation and social security

79,138

89,847

Other creditors

125,906

63,658

1,857,622

908,892

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

15,961

-

Between one and five years

-

43,323

15,961

43,323

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors of ITAK Holdings Limited, which is also the immediate and ultimate parent company and whose registered office and principal place of business is Unit B1, Chaucer Business Park, Dittons Road, Polegate, East Sussex, BN26 6JF.