GPS (Europe) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC136694 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

GPS (Europe) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H Mendelssohn

Mrs E Mendelssohn

SECRETARY:

McKay & Norwell WS

REGISTERED OFFICE:

5 Rutland Square

EDINBURGH

EH1 2AS

REGISTERED NUMBER:

SC136694 (Scotland)

ACCOUNTANTS:

J S Accounting Services Limited

13-15 Morningside Drive

EDINBURGH

EH10 5LZ

BANKERS:

The Royal Bank of Scotland

26 Home Street

EDINBURGH

EH3 9LZ

SOLICITORS:

McKay & Norwell WS

5 Rutland Square

EDINBURGH

EH1 2AX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

37,891

47,601

Investment property

6

112,075

112,075

149,966

159,676

CURRENT ASSETS

Stocks

445,025

442,385

Debtors

7

409,826

389,561

Cash at bank and in hand

44,862

9,864

899,713

841,810

CREDITORS

Amounts falling due within one year

8

532,506

609,042

NET CURRENT ASSETS

367,207

232,768

TOTAL ASSETS LESS CURRENT LIABILITIES

517,173

392,444

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

516,173

391,444

SHAREHOLDERS' FUNDS

517,173

392,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 January 2020 and were signed on its behalf by:

H Mendelssohn - Director

1.	STATUTORY INFORMATION

GPS (Europe) Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the invoiced value, net of Value Added Tax, of goods sold and services provided to

customers outside the group and, in the case of long term contracts, credit is taken appropriate to the stage of

completion when the outcome of the contact can be assessed with reasonable certainty.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1992, is being amortised evenly over its estimated useful life of ten years.

Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value

of its seperate net assets. Goodwill is amortised through the profit and loss account over the directors' estimate

of its estimated econ

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.

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

-

33% on cost, 25% on reducing balance and 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

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

sheet date.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

75,600

AMORTISATION

At 1 May 2018

and 30 April 2019

75,600

NET BOOK VALUE

At 30 April 2019

-

At 30 April 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2018

and 30 April 2019

180,915

DEPRECIATION

At 1 May 2018

133,314

Charge for year

9,710

At 30 April 2019

143,024

NET BOOK VALUE

At 30 April 2019

37,891

At 30 April 2018

47,601

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2018

and 30 April 2019

112,075

NET BOOK VALUE

At 30 April 2019

112,075

At 30 April 2018

112,075

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

215,706

326,819

Other debtors

194,120

62,742

409,826

389,561

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts

-

125,755

Trade creditors

223,633

251,075

Taxation and social security

58,187

46,489

Other creditors

250,686

185,723

532,506

609,042

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

H Mendelssohn has a personal guarantee in respect of the bank overdraft.

10.	RELATED PARTY DISCLOSURES

During the year the directors received dividends in the sum of £89,512 from the company (2018 : £18,375). At

30 April 2019 Mr Mendelssohn was due the company £nil(2018: £Nil).