Homesealed Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC404430 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

HOMESEALED LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Gallagher

J Mair

R McQuillan

REGISTERED OFFICE:

Flemington House

110 Flemington Street

Glasgow

G21 4TD

REGISTERED NUMBER:

SC404430 (Scotland)

ACCOUNTANTS:

Curle & Co

Chartered Accountants

22 Backbrae Street

Kilsyth

G65 0NH

BANKERS:

TSB

5 Greenlees Road

Cambuslang

G72 8JA

FIXED ASSETS

Tangible assets

4

2,497

711

CURRENT ASSETS

Stocks

400,527

191,497

Cash at bank

216,468

150,903

616,995

342,400

CREDITORS

Amounts falling due within one year

522,055

240,382

NET CURRENT ASSETS

94,940

102,018

TOTAL ASSETS LESS CURRENT LIABILITIES

97,437

102,729

CAPITAL AND RESERVES

Called up share capital

2

1

Retained earnings

97,435

102,728

SHAREHOLDERS' FUNDS

97,437

102,729

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 April 2021 and were signed on its behalf by:

J Mair - Director

1.	STATUTORY INFORMATION

Homesealed Ltd 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 and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Tangible fixed assets

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2019

833

Additions

2,474

At 31 July 2020

3,307

DEPRECIATION

At 1 August 2019

122

Charge for year

688

At 31 July 2020

810

NET BOOK VALUE

At 31 July 2020

2,497

At 31 July 2019

711