Peter Latimer Golf Professional Ltd - Accounts to registrar (filleted) - small 23.2.5

Peter Latimer Golf Professional Ltd - Accounts to registrar (filleted) - small 23.2.5

PETER LATIMER GOLF PROFESSIONAL LTD - Company Information

Print Friendly Version

IRIS Accounts Production v23.3.1.45 SC689632 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC6896322022-02-28SC6896322023-02-28SC6896322022-03-012023-02-28SC6896322021-02-17SC6896322021-02-182022-02-28SC6896322022-02-28SC689632ns16:Scotland2022-03-012023-02-28SC689632ns15:PoundSterling2022-03-012023-02-28SC689632ns11:Director12022-03-012023-02-28SC689632ns11:PrivateLimitedCompanyLtd2022-03-012023-02-28SC689632ns11:SmallEntities2022-03-012023-02-28SC689632ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-28SC689632ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC689632ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC689632ns11:FullAccounts2022-03-012023-02-28SC689632ns6:CurrentFinancialInstruments2023-02-28SC689632ns6:CurrentFinancialInstruments2022-02-28SC689632ns6:ShareCapital2023-02-28SC689632ns6:ShareCapital2022-02-28SC689632ns6:RetainedEarningsAccumulatedLosses2023-02-28SC689632ns6:RetainedEarningsAccumulatedLosses2022-02-28SC689632ns6:PlantMachinery2022-03-012023-02-28SC689632ns6:PlantMachinery2022-02-28SC689632ns6:PlantMachinery2023-02-28SC689632ns6:PlantMachinery2022-02-28SC689632ns6:CostValuation2022-02-28SC689632ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-28SC689632ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-28
REGISTERED NUMBER: SC689632 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Peter Latimer Golf Professional Ltd
Peter Latimer Golf Professional Ltd (Registered number: SC689632)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Peter Latimer Golf Professional Ltd (Registered number: SC689632)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,694 8,577
Investments 5 760 760
5,454 9,337

CURRENT ASSETS
Stocks 124,317 69,967
Debtors 6 9,306 9,789
Cash at bank and in hand 1,180 14,999
134,803 94,755
CREDITORS
Amounts falling due within one year 7 (100,022 ) (79,496 )
NET CURRENT ASSETS 34,781 15,259
TOTAL ASSETS LESS CURRENT
LIABILITIES
40,235
24,596

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 40,233 24,594
40,235 24,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 notes form part of these financial statements

Page 1 continued...
Peter Latimer Golf Professional Ltd (Registered number: SC689632)

Balance Sheet - continued
28 February 2023


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 5 October 2023 and were signed on its behalf by:





Mr P R Latimer - Director


The notes form part of these financial statements

Page 2
Peter Latimer Golf Professional Ltd (Registered number: SC689632)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Peter Latimer Golf Professional Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC689362. The registered office is c/o Drummond Laurie CA, Algo Business Centre, Glenearn Road, Perth, PH2 0NJ.

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 represents net invoiced sales of goods and services in respect of the trading of a golf shop and provision of golf tuition, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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 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 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.

Page 3 continued...
Peter Latimer Golf Professional Ltd (Registered number: SC689632)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 11,869
DEPRECIATION
At 1 March 2022 3,292
Charge for year 3,883
At 28 February 2023 7,175
NET BOOK VALUE
At 28 February 2023 4,694
At 28 February 2022 8,577

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2022
and 28 February 2023 760
NET BOOK VALUE
At 28 February 2023 760
At 28 February 2022 760

Page 4 continued...
Peter Latimer Golf Professional Ltd (Registered number: SC689632)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 2,264 -
Other debtors 7,042 9,789
9,306 9,789

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 63,344 29,675
Taxation and social security 18,329 8,875
Other creditors 18,349 40,946
100,022 79,496

Page 5