Swing Rite Golf Limited 31/10/2022 iXBRL

Swing Rite Golf Limited 31/10/2022 iXBRL

SWING RITE GOLF LIMITED - Company Information

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Company registration number: 3890785
Swing Rite Golf Limited
Unaudited filleted abridged financial statements
31 October 2022
Swing Rite Golf Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Swing Rite Golf Limited
Directors and other information
Director Mr Duncan Lambert
Company number 3890785
Registered office Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
Accountant S Nunn and Co Limited
Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
Swing Rite Golf Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Swing Rite Golf Limited
Year ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Swing Rite Golf Limited for the year ended 31 October 2022 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Swing Rite Golf Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Swing Rite Golf Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Swing Rite Golf Limited and its director as a body for my work or for this report.
It is your duty to ensure that Swing Rite Golf Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Swing Rite Golf Limited. You consider that Swing Rite Golf Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Swing Rite Golf Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
S Nunn and Co Limited
Chartered Accountants
Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
28 July 2023
Swing Rite Golf Limited
Abridged statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 349,897 231,652
_______ _______
349,897 231,652
Current assets
Stocks 23,500 11,265
Debtors 3,576 3,753
Cash at bank and in hand 181,391 111,136
_______ _______
208,467 126,154
Creditors: amounts falling due
within one year ( 75,620) ( 45,296)
_______ _______
Net current assets 132,847 80,858
_______ _______
Total assets less current liabilities 482,744 312,510
Creditors: amounts falling due
after more than one year ( 33,208) ( 52,289)
_______ _______
Net assets 449,536 260,221
_______ _______
Capital and reserves
Called up share capital 130 130
Profit and loss account 449,406 260,091
_______ _______
Shareholders funds 449,536 260,221
_______ _______
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:
Mr Duncan Lambert
Director
Company registration number: 3890785
Swing Rite Golf Limited
Statement of changes in equity
Year ended 31 October 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2020 130 265,275 265,405
Profit for the year 23,816 23,816
_______ _______ _______
Total comprehensive income for the year - 23,816 23,816
Dividends paid and payable ( 29,000) ( 29,000)
_______ _______ _______
Total investments by and distributions to owners - ( 29,000) ( 29,000)
_______ _______ _______
At 31 October 2021 and 1 November 2021 130 260,091 260,221
Profit for the year 244,315 244,315
_______ _______ _______
Total comprehensive income for the year - 244,315 244,315
Dividends paid and payable ( 55,000) ( 55,000)
_______ _______ _______
Total investments by and distributions to owners - ( 55,000) ( 55,000)
_______ _______ _______
At 31 October 2022 130 449,406 449,536
_______ _______ _______
Swing Rite Golf Limited
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2, Guards Avenue, Caterham, Surrey, CR3 5XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2021: 14 ).
5. Intangible assets
£
Cost
At 1 November 2021 and 31 October 2022 75,000
_______
Amortisation
At 1 November 2021 and 31 October 2022 75,000
_______
Carrying amount
At 31 October 2022 -
_______
At 31 October 2021 -
_______
6. Tangible assets
£
Cost
At 1 November 2021 573,234
Additions 141,557
_______
At 31 October 2022 714,791
_______
Depreciation
At 1 November 2021 341,582
Charge for the year 23,312
_______
At 31 October 2022 364,894
_______
Carrying amount
At 31 October 2022 349,897
_______
At 31 October 2021 231,652
_______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Duncan Lambert ( 606) 463 ( 143)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Duncan Lambert ( 1,109) 503 ( 606)
_______ _______ _______
8. Related party transactions
During the year, dividends of £24,500 were paid to the director of the company.