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

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

GOLD SEAL HOME CARE LIMITED - Company Information

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REGISTERED NUMBER: SC132183 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 October 2020

for

Gold Seal Home Care Limited
Gold Seal Home Care Limited (Registered number: SC132183)






Contents of the Financial Statements
For The Year Ended 31 October 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gold Seal Home Care Limited

Company Information
For The Year Ended 31 October 2020







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
Page 1
Gold Seal Home Care Limited (Registered number: SC132183)

Balance Sheet
31 October 2020

31.10.20 31.10.19
Notes £    £   
CURRENT ASSETS
Stocks 134,880 164,873
Debtors 4 327,213 190,220
Cash at bank 173,441 345,228
635,534 700,321
CREDITORS
Amounts falling due within one year 5 252,858 271,191
NET CURRENT ASSETS 382,676 429,130
TOTAL ASSETS LESS CURRENT
LIABILITIES
382,676
429,130

CREDITORS
Amounts falling due after more than one
year
6
45,271
-
NET ASSETS 337,405 429,130

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Capital redemption reserve 50,000 50,000
Retained earnings 237,405 329,130
SHAREHOLDERS' FUNDS 337,405 429,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 notes form part of these financial statements

Page 2 continued...
Gold Seal Home Care Limited (Registered number: SC132183)

Balance Sheet - continued
31 October 2020


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 30 November 2020 and were signed on its behalf by:





J McNamee - Director


The notes form part of these financial statements

Page 3
Gold Seal Home Care Limited (Registered number: SC132183)

Notes to the Financial Statements
For The Year Ended 31 October 2020

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.

Page 4 continued...
Gold Seal Home Care Limited (Registered number: SC132183)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2020

2. ACCOUNTING POLICIES - continued

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 26 (2019 - 26 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Trade debtors 217,690 177,388
Prepayments and accrued income 109,523 12,832
327,213 190,220

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Bank loans and overdrafts 4,729 -
Trade creditors 152,525 172,521
Tax - 13,557
Social security and other taxes 10,268 9,863
VAT 18,604 37,010
Pension fund 653 559
Accruals and deferred income 66,079 37,681
252,858 271,191

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.20 31.10.19
£    £   
Bank loans - 2-5 years 45,271 -

7. SECURED DEBTS

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

8. RELATED PARTY DISCLOSURES

During the year the company purchased services to the value of £85,500 (2019: £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 2020 the company owed £130 to Gold Seal Holdings Ltd (2019: £nil).

9. ULTIMATE CONTROLLING PARTY

The controlling party is J McNamee.

Page 5