Golf Retail Group Limited - Period Ending 2022-10-31
Golf Retail Group Limited - Period Ending 2022-10-31
Registration number:
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Golf Retail Group Limited
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Brebners
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Golf Retail Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Golf Retail Group Limited
Company Information
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Directors |
J T Hilliard S J Turnbull T K Sims |
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Company secretary |
J T Hilliard |
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Registered office |
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Auditor |
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Golf Retail Group Limited
Strategic Report for the Year Ended 31 October 2022
The directors present their strategic report for the year ended 31 October 2022.
Principal activity
The principal activity of the company is that of an investment holding company.
Fair review of the business
Golf Retail Group Limited is the parent company responsible for the management of the retail of golf equipment and related golf products by its subsidiary undertakings. Within the portfolio is one of Europe's largest golf superstores, Doug McClelland Golf Stores, which continues to grow its reputation as a stockist for all the leading golf club and clothing manufacturers, and is home to some of the largest offerings of Men's and Ladies Apparel in Europe, a choice of over 230 models of golf shoes, 4 Custom Fit Centres at almost 90% occupancy, all ensuring the ultimate shopping experience for golfers.
The company's income for the year comprised of dividends of £80,000 received from a subsidiary undertaking. This resulted in a profit after tax of this amount as the company has no overheads.
The 2022 financial year saw the group continue to work hard to provide its customers with the best experience whilst striving to improve shareholder value.
The group seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence which in turn ensures the delivery of its core objective of sustained profitability.
In a group of this size the directors consider there are collectively numerous non-financial performance indicators but that individually none are key.
Principal risks and uncertainties including Covid-19
The directors have considered the risks faced by the business and the controls in place to mitigate those risks including those arising including the current conflict in Ukraine. The directors are responsible for determining the level of risk acceptable to the company and this is subject to regular review.
Operational risk
Operational risk is caused by failures in business processes or the systems or physical infrastructure that support them that have the potential to result in financial loss or reputational damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.
The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards.
Credit risk
Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The group closely monitors outstanding debts from all sources resulting in minimal exposure.
Liquidity risk
The company and its subsidiary undertakings ensure that liquidity is maintained and financial obligations are met by monitoring the cash balances daily to ensure it retains flexibility in the management of cash flow. In the event that cash flows would not cover financial obligations, the group and its subsidiary companies has credit facilities available.
Golf Retail Group Limited
Strategic Report for the Year Ended 31 October 2022
Market risk
Golf-related income is a discretionary spend and the directors are aware that the business may have some exposure to the current climate and its impact on consumer spending. However the directors note that Golf was able to continue and abide by Governmental restrictions and therefore has not been overly affected by market risk. The directors also feel the reputation and position in the South East ensure it is not exposed to significant market risk.
Risk summary
The directors continuously monitor and respond to changes in the group's risk environment and this has been subject to regular and heightened review processes during Covid-19, so ensuring that the company remains well placed to address operational, financial and business risks in a timely and appropriate manner.
Future developments and the impact of Covid-19
The group has prepared projected cashflows and budgets that covers the period to 31 October 2023 to ensure it has sufficient working capital for the foreseeable future. The directors continue to invest in the group and its subsidiary companies and their facilities to ensure they remain their reputations and competitiveness as renowned golf retailers. The trading performance of the group is expected to maintain growth and provide a consistent contribution to the overall group.
Approved by the
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Director
Golf Retail Group Limited
Directors' Report for the Year Ended 31 October 2022
The directors present their report and the financial statements for the year ended 31 October 2022.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Particulars of dividends paid in the year are detailed in note 7 to the financial statements.
No final dividend is proposed.
Disclosure of information in the strategic report
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
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J T Hilliard
Director
Golf Retail Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. They 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.
Golf Retail Group Limited
Independent Auditor's Report to the Members of Golf Retail Group Limited
for the Year Ended 31 October 2022
Opinion
We have audited the financial statements of Golf Retail Group Limited (the 'company') for the year ended 31 October 2022, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 Financial Reporting Standard 102 The Financial Reporting 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 31 October 2022 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 prepared in accordance with the requirements of the Companies Act 2006. |
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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in 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 material 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.
Golf Retail Group Limited
Independent Auditor's Report to the Members of Golf Retail Group Limited
for the Year Ended 31 October 2022
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
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 Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), 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.
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.
Golf Retail Group Limited
Independent Auditor's Report to the Members of Golf Retail Group Limited
for the Year Ended 31 October 2022
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
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, collusion, omission, misrepresentation or forgery.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Golf Retail Group Limited
Independent Auditor's Report to the Members of Golf Retail Group Limited
for the Year Ended 31 October 2022
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For and on behalf of
1 Suffolk Way
TN13 1YL
Golf Retail Group Limited
Statement of Income and Retained Earnings for the Year Ended 31 October 2022
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Note |
2022 |
2021 |
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Turnover |
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- |
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Operating profit/(loss) |
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- |
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Income from shares in group undertakings |
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Profit before tax |
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Profit for the financial year |
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Retained earnings brought forward |
- |
- |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
- |
- |
Golf Retail Group Limited
Statement of Financial Position as at 31 October 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Total equity |
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Approved and authorised by the
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Company registration number: 08564568
Golf Retail Group Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is that of an investment holding company.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are included in the financial statements of Dwellcourt Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
Group accounts not prepared
Golf Retail Group Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
Going concern
The statement of financial position at 31 October 2022 showed the company had net current liabilities amounting to £395,956. At this date an amount of £396,606 was due to a subsidiary undertakings which confirmed it will continue to support the company and will not call for repayment of amounts due whilst the company requires the working capital.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources and support to continue in operational existence for the foreseeable future. Accordingly the financial statements have been prepared under the going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities. |
Management has not made any significant judgements or estimates in the process of applying the entity's accounting policies. |
Revenue recognition
Dividend income is recognised when the right to receive payment is established.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff costs |
The average number of persons employed by the company during the year was
Golf Retail Group Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Auditor's remuneration |
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2022 |
2021 |
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Auditor's remuneration |
1,000 |
1,000 |
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Investments |
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2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 November 2021 and 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Subsidiary Undertaking |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Ordinary |
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Ordinary |
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Ordinary |
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Ordinary |
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Ordinary |
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The registered office of each undertaking is, The Downs Farm, Reigate Road, Ewell, Surrey. KT17 3BY.
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Subsidiary undertakings |
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Doug McClelland Golf Stores Limited The principal activity of Doug McClelland Golf Stores Limited is |
Golf Retail Group Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Euro Select Golf Limited The principal activity of Euro Select Golf Limited is |
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Internet Golf Store Limited The principal activity of Internet Golf Store Limited is |
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Left Handed Golf Limited The principal activity of Left Handed Golf Limited is |
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South East Academy of Golf Limited (indirect holding) The principal activity of South East Academy of Golf Limited (indirect holding) is |
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Debtors |
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2022 |
2021 |
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Other debtors |
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Creditors |
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2022 |
2021 |
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Due within one year |
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Amounts due to group undertakings |
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Other payables |
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Share capital |
Allotted, called up and fully paid shares
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
There are no restrictions on the distribution of dividends or the repayment of capital.
Golf Retail Group Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
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Dividends |
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2022 |
2021 |
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£ |
£ |
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Dividends of £ |
80,000 |
80,000 |
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Related party transactions |
Exemption has been taken under FRS 102, paragraph 33.1A not to disclose transactions or amounts falling due with companies that are wholly owned within the group.
During the year a dividend of £4,000 (2021: £4,000) was paid to a director and £76,000 (2021: £76,000) to the parent company.
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Parent and ultimate parent undertaking |
The company is a subsidiary of Dwellcourt Limited which is also the ultimate parent undertaking.
The parent of the largest and smallest group preparing group accounts including the results of the company is
The registered address of Dwellcourt Limited is; The Downs Farm, Reigate Road, Ewell, Surrey, KT17 3BY.
Ultimate control vests with