Gold Seal Home Care Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC132183 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 October 2019

for

Gold Seal Home Care Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J McNamee

P McNamee

SECRETARY:

J McNamee

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

G32 8FH

REGISTERED NUMBER:

SC132183 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

CURRENT ASSETS

Stocks

164,873

50,231

Debtors

4

190,220

252,729

Cash at bank

345,228

355,938

700,321

658,898

CREDITORS

Amounts falling due within one year

5

271,191

287,565

NET CURRENT ASSETS

429,130

371,333

TOTAL ASSETS LESS CURRENT LIABILITIES

429,130

371,333

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Capital redemption reserve

50,000

50,000

Retained earnings

329,130

271,333

SHAREHOLDERS' FUNDS

429,130

371,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 18 June 2020 and were signed on its behalf by:

J McNamee - Director

1.	STATUTORY INFORMATION

Gold Seal Home Care 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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.

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.

Government grants

The company credits grants received to a deferred credit account and releases the grant to the profit and loss

account over the period within which the grant could become repayable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2018 - 25 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

177,388

200,461

Amounts owed by group undertakings

-

40,752

Prepayments and accrued income

12,832

11,516

190,220

252,729

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts

-

27,317

Trade creditors

172,521

150,916

Tax

13,557

13,551

Social security and other taxes

9,863

8,633

VAT

37,010

51,170

Pension fund

559

732

Accruals and deferred income

37,681

35,246

271,191

287,565

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.19

31.10.18

£

£

Bank overdraft

-

27,317

The bank hold a bond and floating charge over all assets of the company.

7.	RELATED PARTY DISCLOSURES

During the year the company purchased services to the value of £182,000 (2018: £182,000) from Gold Seal

Holdings Limited. The director, J McNamee of Gold Seal Home Care Limited is director of this company.

At 31st October 2019 the company was owed £nil from Gold Seal Holdings Ltd (2018: £40,752).

8.	ULTIMATE CONTROLLING PARTY

The controlling party is J McNamee.