Gold Shield Trustees Limited - Period Ending 2023-03-31
Gold Shield Trustees Limited - Period Ending 2023-03-31
Registration number:
Gold Shield Trustees Limited
(A company limited by guarantee)
for the Period from 6 April 2022 to 31 March 2023
Gold Shield Trustees Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Gold Shield Trustees Limited
Company Information
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Directors |
N S Howard R J Clark |
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Company secretary |
R J Clark |
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Registered office |
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Auditors |
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Gold Shield Trustees Limited
(Registration number: 05425789)
Balance Sheet as at 31 March 2023
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Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.
The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.
The accounts have been prepared on a going concern basis.
Going concern
At the balance sheet date, the company had a deficiency of assets over liabilities of £751,309. The directors consider the deficit to be temporary and that the company will be able to meet its liabilities as they fall due for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the accounts were not prepared on a going concern basis.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 (continued)
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Accounting policies (continued) |
Audit report
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Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No judgements have been made in these financial statements which would have a significant effect on any amounts recognised.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company provides extended warranties. The warranties extend over a number of years, primarily 10, and revenue is recognised over the period during which the warranty is to be provided having made an initial allowance for work incurred at the inception of the agreement.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 (continued)
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Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
33% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
No staff received any remuneration during the year (2022: £nil).
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Auditors' remuneration |
The auditors remuneration of £2,500 (2022:£2,500) is recharged and paid by the parent company.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 (continued)
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 6 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 6 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Debtors |
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Current |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Gold Shield Trustees Limited
Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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2023 |
2022 |
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Due after one year |
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Other non-current financial liabilities |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is