GPS (Europe) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC136694 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2022

for

GPS (Europe) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H Mendelssohn

Mrs E Mendelssohn

REGISTERED OFFICE:

5 Rutland Square

EDINBURGH

EH1 2AS

REGISTERED NUMBER:

SC136694 (Scotland)

ACCOUNTANTS:

J S Accounting Services Limited

13-15 Morningside Drive

EDINBURGH

EH10 5LZ

BANKERS:

The Royal Bank of Scotland

12 North-West Circus Place

EDINBURGH

EH3 6SX

SOLICITORS:

Blackadders LLp

40 Torphican Street

EDINBURGH

EH3 8JB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

105,961

129,302

105,961

129,302

CURRENT ASSETS

Stocks

405,694

440,475

Debtors

6

375,417

196,851

Cash at bank and in hand

341,864

366,732

1,122,975

1,004,058

CREDITORS

Amounts falling due within one year

7

311,164

349,037

NET CURRENT ASSETS

811,811

655,021

TOTAL ASSETS LESS CURRENT LIABILITIES

917,772

784,323

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Capital redemption reserve

(16,102

)

(16,102

)

Retained earnings

932,874

799,425

SHAREHOLDERS' FUNDS

917,772

784,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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 November 2022 and were signed on its behalf by:

H Mendelssohn - Director

1.	STATUTORY INFORMATION

GPS (Europe) 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 represents the invoiced value, net of Value Added Tax, of goods sold and services provided to customers outside the group and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contact can be assessed with reasonable certainty.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1992, is being amortised evenly over its estimated useful life of ten years.

Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its seperate net assets. Goodwill is amortised through the profit and loss account over the directors' estimate of its estimated econ

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 7 (2021 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2021

and 30 April 2022

75,600

AMORTISATION

At 1 May 2021

and 30 April 2022

75,600

NET BOOK VALUE

At 30 April 2022

-

At 30 April 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

and 30 April 2022

303,655

DEPRECIATION

At 1 May 2021

174,353

Charge for year

23,341

At 30 April 2022

197,694

NET BOOK VALUE

At 30 April 2022

105,961

At 30 April 2021

129,302

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

276,996

159,512

Other debtors

98,421

37,339

375,417

196,851

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade creditors

180,191

176,332

Taxation and social security

52,899

57,765

Other creditors

78,074

114,940

311,164

349,037

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2022 and 30 April 2021:

30.4.22

30.4.21

£

£

H Mendelssohn and Mrs E Mendelssohn

Balance outstanding at start of year

-

-

Amounts advanced

46,166

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

46,166

-

H Mendelssohn has a personal guarantee in respect of the bank overdraft.

9.	RELATED PARTY DISCLOSURES

During the year the directors received dividends in the sum of £51,351 from the company (2021 : £49,900). At 30 April 2022 Mr & Mrs Mendelssohn were due the company £46,166l(2021: £Nil).