Company Registration No. 01397666 (England and Wales)
GOLDCHEVRON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
GOLDCHEVRON LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOLDCHEVRON LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
809
Current assets
Loans to customers
4
2,667,284
2,430,684
Debtors
5
246,288
274,698
Cash at bank and in hand
589,512
688,021
3,503,084
3,393,403
Creditors: amounts falling due within one year
6
(226,096)
(225,455)
Net current assets
3,276,988
3,167,948
Total assets less current liabilities
3,276,988
3,168,757
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
3,276,888
3,168,657
Total equity
3,276,988
3,168,757
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2020 and are signed on its behalf by:
Mr D Sproull
Director
Company Registration No. 01397666
GOLDCHEVRON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Goldchevron Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Fore Street, Camelford, Cornwall, PL32 9PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
in respect of interest and fees
earned on customer loans.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33 1/3% per annum on the straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less
.
1.6
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
GOLDCHEVRON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019 and 30 April 2020
2,429
Depreciation and impairment
At 1 May 2019
1,620
Depreciation charged in the year
809
At 30 April 2020
2,429
Carrying amount
At 30 April 2020
-
At 30 April 2019
809
4
Loans to customers
The balance in the financial statements represents the capital sum due to the company in respect of loans advanced (which are generally secured by first mortgages on freehold property) to individuals and private limited companies.
GOLDCHEVRON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
151,288
179,698
Other debtors
95,000
95,000
246,288
274,698
6
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
95,948
105,245
Other taxation and social security
100
100
Other creditors
130,048
120,110
226,096
225,455
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100