GPS (Europe) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC136694 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 April 2016

for

GPS (Europe) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

H Mendelssohn

SECRETARY:

McKay & Norwell WS

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

26 Home Street

EDINBURGH

EH3 9LZ

SOLICITORS:

McKay & Norwell WS

5 Rutland Square

EDINBURGH

EH1 2AX

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

16,647

21,469

16,647

21,469

CURRENT ASSETS

Stocks

259,374

216,556

Debtors

191,027

193,203

Cash at bank and in hand

22,938

8,178

473,339

417,937

CREDITORS

Amounts falling due within one year

321,573

294,159

NET CURRENT ASSETS

151,766

123,778

TOTAL ASSETS LESS CURRENT
LIABILITIES

168,413

145,247

CAPITAL AND RESERVES

Called up share capital

4

1,000

Profit and loss account

167,413

144,247

SHAREHOLDERS' FUNDS

168,413

145,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 21 November 2016 and were signed by:

H Mendelssohn - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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

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 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

75,600

AMORTISATION

At 1 May 2015

and 30 April 2016

75,600

NET BOOK VALUE

At 30 April 2016

-

At 30 April 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

170,265

DEPRECIATION

At 1 May 2015

148,796

Charge for year

4,822

At 30 April 2016

153,618

NET BOOK VALUE

At 30 April 2016

16,647

At 30 April 2015

21,469

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

2,720

Ordinary A

25p

680

1,280

Ordinary B

25p

320

1,000

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2016 and

30 April 2015:

30.4.16

30.4.15

£

H Mendelssohn

Balance outstanding at start of year

10,923

-

Amounts advanced

34,938

10,923

Amounts repaid

(22,923

)

-

Balance outstanding at end of year

22,938

10,923

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