European Golf Machinery Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02912185 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

European Golf Machinery Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

Intangible assets

2

38,995

46,422

Tangible assets

3

42,799

44,525

81,794

90,947

CURRENT ASSETS

Stocks

83,682

89,289

Debtors

179,649

182,097

Cash at bank and in hand

180,275

81,470

443,606

352,856

CREDITORS

Amounts falling due within one year

139,484

131,601

NET CURRENT ASSETS

304,122

221,255

TOTAL ASSETS LESS CURRENT LIABILITIES

385,916

312,202

PROVISIONS FOR LIABILITIES

8,088

7,886

NET ASSETS

377,828

304,316

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

377,826

304,314

SHAREHOLDERS' FUNDS

377,828

304,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 7 November 2016 and were signed on its behalf by:

J Yallop - Director

1.	ACCOUNTING POLICIES

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

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.

Deferred tax

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

sheet date.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

74,273

AMORTISATION

At 1 April 2015

27,851

Amortisation for year

7,427

At 31 March 2016

35,278

NET BOOK VALUE

At 31 March 2016

38,995

At 31 March 2015

46,422

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

68,891

Additions

4,322

Disposals

(585

)

At 31 March 2016

72,628

DEPRECIATION

At 1 April 2015

24,366

Charge for year

5,848

Eliminated on disposal

(385

)

At 31 March 2016

29,829

NET BOOK VALUE

At 31 March 2016

42,799

At 31 March 2015

44,525

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

2

Ordinary

£1

2

2

5.	RELATED PARTY DISCLOSURES