GCSC Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04408352 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

GCSC Holdings Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C R Crome

Mrs E Hayman

J Smart

REGISTERED OFFICE:

Merlin House

Brunel Road

Theale

Reading

Berkshire

RG7 4AB

REGISTERED NUMBER:

04408352 (England and Wales)

FIXED ASSETS

Investments

5

95,754

95,754

CURRENT ASSETS

Debtors

6

365,191

1,239,252

Cash at bank

50

640

365,241

1,239,892

CREDITORS

Amounts falling due within one year

7

-

874,651

NET CURRENT ASSETS

365,241

365,241

TOTAL ASSETS LESS CURRENT LIABILITIES

460,995

460,995

CAPITAL AND RESERVES

Called up share capital

6,613

6,613

Share premium

2,438

2,438

Revaluation reserve

8

11,750

11,750

Retained earnings

440,194

440,194

SHAREHOLDERS' FUNDS

460,995

460,995

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 8 April 2021 and were signed on its behalf by:

C R Crome - Director

1.	STATUTORY INFORMATION

GCSC Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and complies with FRS 102 Section 1A small entities.

The presentation currency is sterling (£).

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors

Short Term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment.

Creditors

Short term 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.

Fixed asset investments

Fixed asset investments are included in the company's balance sheet at cost or valuation less amounts written off for permanent diminution in value.

Going concern justification

The accounts are prepared on a going concern basis, the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2020

and 31 December 2020

95,754

NET BOOK VALUE

At 31 December 2020

95,754

At 31 December 2019

95,754

Cost or valuation at 31 December 2020 is represented by:

Other

investments

£

Valuation in 2007

36,000

Valuation in 2009

25,000

Valuation in 2010

(49,250

)

Cost

84,004

95,754

If fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.20

31.12.19

£

£

Cost

84,004

84,004

Fixed asset investments were valued on an open market basis on 31 December 2010 by C Crome a director of the company. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed by group undertakings

362,580

1,236,639

Other debtors

2,611

2,613

365,191

1,239,252

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed to group undertakings

-

12,915

Other creditors

-

500,000

Directors' current accounts

-

361,736

-

874,651

8.

RESERVES

Revaluation

reserve

£

At 1 January 2020

and 31 December 2020

11,750

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the following balances existed on a loan account with the directors.

C R Crome - £Nil in credit (2019 - £361,736).

The above loan is interest free with no fixed date for repayment.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the following balances existed with other group undertakings:

£362,580 due from 2020 Holdings Limited (2019 - £Nil)

£Nil due to Indigrow (UK) Limited (2019 - £12,915)

£Nil due from Indigrow Limited (2019 - £790,630)

£Nil due from Citrus Bay Management Limited (2019 - £303,317)

£Nil due from Tour Best (Europe) Ltd (2019 - £18,505)

£Nil due from Indigrow GmbH (2019 - £124,189)

11.	ULTIMATE CONTROLLING PARTY

The controlling party is 2020 Holdings Limited.