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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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World Golf Systems Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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World Golf Systems Limited |
World Golf Systems Limited (Registered number: 03439400) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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World Golf Systems Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
436 Ansty Road |
Wyken |
Coventry |
West Midlands |
CV2 3FF |
World Golf Systems Limited (Registered number: 03439400) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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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. |
World Golf Systems Limited (Registered number: 03439400) |
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Balance Sheet - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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World Golf Systems Limited (Registered number: 03439400) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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World Golf Systems Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern, Brexit & Covid-19 Pandemic |
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The Company, like most of the world's businesses, has faced significant challenge in operating normally following the onset of the Covid-19 pandemic. The Directors have taken steps to manage the Company's own cashflow during this period and have due regard to these matters, the Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Board continues to adopt the going concern basis of preparation of these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Depreciation rates applied to each class of tangible fixed asset: |
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Computer Equipment - 20% Straight Line |
Office Equipment - 33% Straight Line |
Plant & Machinery - 20% Straight Line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
World Golf Systems Limited (Registered number: 03439400) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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World Golf Systems Limited (Registered number: 03439400) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans |
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Other creditors |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
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31.12.20 | 31.12.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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10. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the Company owed a director £168,240 (£2019: £279,062) and a director shown above owed the Company £51,732 (2019: £35,778), no interest was charged on these loans. |
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Included in trade creditors at the balance sheet date is £11,000 (2019: £77,000) owed to World Leisure Development Limited (WLD), a company in which S P Jolliffe is a director. During the year £75,000 + 20% VAT (2019: £55,000 + 20% VAT) was charged for the services of S P Jolliffe as a director of World Golf Systems Limited. |
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Included in trade creditors at the balance sheet date is £nil (2019: £66,000) owed to World Leisure Services Limited (WLS), a company in which D V Jolliffe is a director. During the year £75,000 + 20% VAT (2019: £55,000 + 20% VAT) was charged for the services of D V Jolliffe as a director of World Golf Systems Limited. |
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During the year £10,000 (2019: £20,000) was charged by R L Harding, Chairman, for consulting fees and is included within accruals. |
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At the balance sheet date the Company owed WLD £91,000 (2019: £146,000) and WLS £48,000 (2019: £48,000), no interest is charged on these loans. |