European Golf Machinery Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 02912185 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

European Golf Machinery Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Yallop

J Yallop

SECRETARY:

J Yallop

REGISTERED OFFICE:

The Oaks

Snipe Farm Road

Clopton

Woodbridge

Suffolk

REGISTERED NUMBER:

02912185 (England and Wales)

ACCOUNTANTS:

ALS Accountancy Services

Rivendell

Church Road

Battisford

Stowmarket

Suffolk

IP14 2HE

FIXED ASSETS

Tangible assets

4

133,424

122,608

CURRENT ASSETS

Stocks

121,703

82,739

Debtors

211,833

156,357

Cash at bank

479,968

572,349

813,504

811,445

CREDITORS

Amounts falling due within one year

150,456

169,186

NET CURRENT ASSETS

663,048

642,259

TOTAL ASSETS LESS CURRENT LIABILITIES

796,472

764,867

PROVISIONS FOR LIABILITIES

20,382

19,112

NET ASSETS

776,090

745,755

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

776,088

745,753

776,090

745,755

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 October 2023 and were signed on its behalf by:

J Yallop - Director

1.	STATUTORY INFORMATION

European Golf Machinery 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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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 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 16 (2022 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

207,994

Additions

27,289

Disposals

(13,349

)

At 31 March 2023

221,934

DEPRECIATION

At 1 April 2022

85,386

Charge for year

14,645

Eliminated on disposal

(11,521

)

At 31 March 2023

88,510

NET BOOK VALUE

At 31 March 2023

133,424

At 31 March 2022

122,608

5.	RELATED PARTY DISCLOSURES