Craig Donnelly Golf Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC226558 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Craig Donnelly Golf Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

18,467

24,152

CURRENT ASSETS

Stocks

120,371

151,016

Debtors

5

10,083

8,197

Cash at bank and in hand

21,505

19,318

151,959

178,531

CREDITORS

Amounts falling due within one year

6

(112,212

)

(134,982

)

NET CURRENT ASSETS

39,747

43,549

TOTAL ASSETS LESS CURRENT LIABILITIES

58,214

67,701

CREDITORS

Amounts falling due after more than one year

7

(13,949

)

(23,949

)

PROVISIONS FOR LIABILITIES

(4,033

)

(4,589

)

NET ASSETS

40,232

39,163

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

40,230

39,161

SHAREHOLDERS' FUNDS

40,232

39,163

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 9 May 2024 and were signed on its behalf by:

Mr C Donnelly - Director

Mrs D Donnelly - Director

1.	STATUTORY INFORMATION

Craig Donnelly Golf Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC226558. The registered office is Cluny Activities, Cluny, Kirkcaldy, Scotland, KY2 6QU.

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 golf professional services and the sale of golf related merchandise, excluding value added tax. Turnover is recognised at the point of sale.

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

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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 13 (2022 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2023

and 31 December 2023

25,834

16,602

20,119

62,555

DEPRECIATION

At 1 January 2023

6,148

13,048

19,207

38,403

Charge for year

4,495

889

301

5,685

At 31 December 2023

10,643

13,937

19,508

44,088

NET BOOK VALUE

At 31 December 2023

15,191

2,665

611

18,467

At 31 December 2022

19,686

3,554

912

24,152

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

2,385

2,410

Other debtors

7,698

5,787

10,083

8,197

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

11,425

5,906

Amounts owed to associates

621

621

Taxation and social security

31,045

35,649

Other creditors

59,121

82,806

112,212

134,982

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans

13,949

23,949