Craig Donnelly Golf Ltd. - Abbreviated accounts 16.1

REGISTERED NUMBER: SC226558 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2015

for

Craig Donnelly Golf Ltd.

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

3,484

3,035

CURRENT ASSETS

Stocks

138,041

110,426

Debtors

9,554

9,912

Cash at bank and in hand

9,280

32,050

156,875

152,388

CREDITORS

Amounts falling due within one year

(146,014

)

(143,141

)

NET CURRENT ASSETS

10,861

9,247

TOTAL ASSETS LESS CURRENT
LIABILITIES

14,345

12,282

PROVISIONS FOR LIABILITIES

(697

)

(607

)

NET ASSETS

13,648

11,675

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

13,646

11,673

SHAREHOLDERS' FUNDS

13,648

11,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 March 2016 and were signed on its behalf by:

Mr C Donnelly - Director

Mrs D Donnelly - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under applicable law and United Kingdom Accounting Standards (United

Kingdom Generally Accepted Accounting Practice) and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

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.

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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date,

where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by

the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the

timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet

date.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

10,504

Additions

1,476

At 31 December 2015

11,980

DEPRECIATION

At 1 January 2015

7,469

Charge for year

1,027

At 31 December 2015

8,496

NET BOOK VALUE

At 31 December 2015

3,484

At 31 December 2014

3,035

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

4

Ordinary

£0.50

2