Registration number:
Gold Shield Trustees Limited
(A company limited by guarantee)
for the Year Ended 5 April 2020
Gold Shield Trustees Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Gold Shield Trustees Limited
Company Information
Directors |
N S Howard R J Clark |
Company secretary |
R J Clark |
Registered office |
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Auditors |
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Gold Shield Trustees Limited
(Registration number: 05425789)
Balance Sheet as at 5 April 2020
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2020 |
(As restated) |
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Fixed assets |
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Tangible assets |
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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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Net current assets |
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Company secretary and director
Gold Shield Trustees Limited
Notes to the Financial Statements for the Year Ended 5 April 2020
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
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 £349,868. 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.
The directors are also closely monitoring the evolution of COVID-19 and it is expected that the company's performance will be significantly impacted. Whilst the directors believe that the company will continue to trade for the foreseeable future, the uncertainty may mean that the company is unable to operate in the normal course of business.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
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Accounting policies (continued) |
Audit report
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.
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:
Gold Shield Trustees Limited
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
No staff received any remuneration during the year (2019: £nil).
Auditors' remuneration |
The auditors remuneration of £2,000 (2019:£2,000) is recharged and paid by the parent company.
Gold Shield Trustees Limited
Notes to the Financial Statements for the Year Ended 5 April 2020 (continued)
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 6 April 2019 |
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At 5 April 2020 |
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Depreciation |
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At 6 April 2019 |
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At 5 April 2020 |
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Carrying amount |
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At 5 April 2020 |
- |
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At 5 April 2019 |
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Debtors |
Note |
2020 |
2019 |
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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 Year Ended 5 April 2020 (continued)
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Taxation and social security |
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- |
Accruals and deferred income |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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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