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

REGISTERED NUMBER: SC137462 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 October 2020

for

Gold Seal Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J McNamee

Mrs I C McNamee

SECRETARY:

J McNamee

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

G32 8FH

REGISTERED NUMBER:

SC137462 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

95,910

90,735

Investments

5

100,000

-

195,910

90,735

CURRENT ASSETS

Debtors

6

2,481

3,270

Cash at bank

109,795

178,458

112,276

181,728

CREDITORS

Amounts falling due within one year

7

113,741

31,053

NET CURRENT (LIABILITIES)/ASSETS

(1,465

)

150,675

TOTAL ASSETS LESS CURRENT LIABILITIES

194,445

241,410

PROVISIONS FOR LIABILITIES

8

16,367

16,056

NET ASSETS

178,078

225,354

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

177,978

225,254

SHAREHOLDERS' FUNDS

178,078

225,354

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 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 2 December 2020 and were signed on its behalf by:

J McNamee - Director

1.	STATUTORY INFORMATION

Gold Seal Holdings 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2019

349,033

59,632

108,605

-

517,270

Additions

-

2,795

33,645

-

36,440

Disposals

-

-

(47,650

)

-

(47,650

)

Reclassification/transfer

-

(8,924

)

-

8,924

-

At 31 October 2020

349,033

53,503

94,600

8,924

506,060

DEPRECIATION

At 1 November 2019

300,534

48,876

77,125

-

426,535

Charge for year

7,275

4,627

16,177

-

28,079

Eliminated on disposal

-

-

(44,464

)

-

(44,464

)

At 31 October 2020

307,809

53,503

48,838

-

410,150

NET BOOK VALUE

At 31 October 2020

41,224

-

45,762

8,924

95,910

At 31 October 2019

48,499

10,756

31,480

-

90,735

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Reclassification/transfer

100,000

At 31 October 2020

100,000

NET BOOK VALUE

At 31 October 2020

100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Other debtors

130

-

Prepayments

2,351

3,270

2,481

3,270

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Tax

-

18,624

VAT

10,771

9,064

Directors' current accounts

90

234

Accruals and deferred income

102,880

3,131

113,741

31,053

8.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

16,367

16,056

Deferred

tax

£

Balance at 1 November 2019

16,056

Utilised during year

311

Accelerated capital allowances

Balance at 31 October 2020

16,367

9.	RELATED PARTY DISCLOSURES

The company trades with Gold Seal Home Care Limited, a company which has the same director as Gold Seal Holdings Limited. During the year the company provided services to Gold Seal Home Care Limited with a value of £85,500 (2019: £182,000).

At 31st October 2020, Gold Seal Home Care Ltd owes £130 (2019: £nil) to Gold Seal Holdings Ltd.

The dividends paid in the current financial year were paid to the directors of the company.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J McNamee.