AH Golf Limited - Period Ending 2017-03-31

Registration number: 09445104

AH Golf Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Bissell & Brown Limited
Chartered Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

AH Golf Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 13

AH Golf Limited

Company Information

Director

R D Burton

Registered office

C/o Bissell & Brown Ltd Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Accountants

Bissell & Brown Limited Chartered Accountants Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AH Golf Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AH Golf Limited for the year ended 31 March 2017 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are 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 Board of Directors of AH Golf Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AH Golf Limited and state those matters that we have agreed to state to the Board of Directors of AH Golf Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AH Golf Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AH Golf Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AH Golf Limited. You consider that AH Golf Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AH Golf Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Limited
Chartered Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

14 November 2017

Page 2

AH Golf Limited

(Registration number: 09445104)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	6,000	8,000
Tangible assets	5	2,334	3,501
		8,334	11,501
Current assets
Stocks	6	40,157	38,675
Debtors	7	28,999	9,147
Cash at bank and in hand		48,358	33,315
		117,514	81,137
Creditors: Amounts falling due within one year	8	(101,169)	(91,868)
Net current assets/(liabilities)		16,345	(10,731)
Net assets		24,679	770
Capital and reserves
Called up share capital		1	1
Profit and loss account		24,678	769
Total equity		24,679	770

The notes on pages 5 to 13 form an integral part of these financial statements.

Page 3

AH Golf Limited

(Registration number: 09445104)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 November 2017
 

.........................................

R D Burton

Director

The notes on pages 5 to 13 form an integral part of these financial statements.

Page 4

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales. The company's registration number is 09445104.

The address of its registered office is:
C/o Bissell & Brown Ltd
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

These financial statements were authorised for issue by the director on 14 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Page 5

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Changes in accounting policy

First time adoption of FRS102

These financial statements are the first financial statements of AH Golf Limited prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102). The financial statements of AH Golf Limited for the year ended 31 March 2016 were prepared in accordance with previous UK GAAP, so for the company having an 31 March 2017 year end, the 1 April 2015 is the 'transition date' and the start of the comparative period in the first mandatory FRS 102 accounts.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from previous UK GAAP. The directors have taken advantage of certain exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

There has been no impact on the reporting of financial performance or financial position as shown under previous UK GAAP at the date of transition to FRS 102 or in the comparative period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line

Page 6

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 7

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 8

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Financial instruments

Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.
 
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.
 
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
 

3	Staff numbers

The average number of persons employed (including the director) during the year, was 4 (2016 - 6).

Page 9

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	10,000	10,000
At 31 March 2017	10,000	10,000
Amortisation
At 1 April 2016	2,000	2,000
Amortisation charge	2,000	2,000
At 31 March 2017	4,000	4,000
Carrying amount
At 31 March 2017	6,000	6,000
At 31 March 2016	8,000	8,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 10

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	4,668	4,668
At 31 March 2017	4,668	4,668
Depreciation
At 1 April 2016	1,167	1,167
Charge for the year	1,167	1,167
At 31 March 2017	2,334	2,334
Carrying amount
At 31 March 2017	2,334	2,334
At 31 March 2016	3,501	3,501

6

Stocks

	2017 £	2016 £
Finished goods and goods for resale	40,157	38,675

7

Debtors

	2017 £	2016 £
Trade debtors	9,274	6,820
Other debtors	19,580	1,957
Prepayments	145	370
Total current trade and other debtors	28,999	9,147

Page 11

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and overdrafts	8.1	-	679
Trade creditors		83,148	73,766
Taxation and social security		379	-
Accrued expenses		9,935	9,900
Corporation tax liability		7,707	7,523
		101,169	91,868

8.1	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	-	679

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: Holders of the ordinary share capital have a right to vote and receive dividends.

10

Dividends

Final dividends paid

	2017 £	2016 £
Final dividend of £31,800 (2016 - £27,000) per each ordinary share	31,800	27,000

Page 12

AH Golf Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

11	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
R D Burton
	(678)	49,019	(31,800)	16,541

2016	Advances to directors £	Repayments by director £	At 31 March 2016 £
R D Burton
	26,322	(27,000)	(678)

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,200	8,000

Dividends paid to directors

	2017 £	2016 £
R D Burton
Dividends	31,800	27,000

12	Transition to FRS 102

There have been no transition adjustments upon conversion to FRS102 for small companies.

Page 13