Goldcrest Cleaning Limited - Accounts to registrar (filleted) - small 18.2

Goldcrest Cleaning Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 04271766 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

GOLDCREST CLEANING LIMITED

GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GOLDCREST CLEANING LIMITED

COMPANY INFORMATION
for the year ended 31 October 2019







DIRECTORS: T A Pearson
S A Rowley
A A Jones





SECRETARY: V E Pearson





REGISTERED OFFICE: 22 Fields Court
Warwick
Warwickshire
CV34 5HP





REGISTERED NUMBER: 04271766 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

BALANCE SHEET
31 October 2019

2019 2018
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,657 8,157

CURRENT ASSETS
Stocks 1,642 1,727
Debtors 5 324,855 311,554
Cash at bank 96,061 182,268
422,558 495,549
CREDITORS
Amounts falling due within one year 6 (181,188 ) (177,902 )
NET CURRENT ASSETS 241,370 317,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,027

325,804

CREDITORS
Amounts falling due after more than one
year

7

(55,000

)

(85,000

)
NET ASSETS 195,027 240,804

CAPITAL AND RESERVES
Called up share capital 111 111
Share premium 9,986 9,986
Retained earnings 184,930 230,707
SHAREHOLDERS' FUNDS 195,027 240,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2020 and were
signed on its behalf by:





A A Jones - Director


GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2019


1. STATUTORY INFORMATION

Goldcrest Cleaning Limited is a limited company, registered in England and Wales. Its registered office address
is and the 22 Fields Court, Warwickshire, CV34 5HP and the registered number is 04271766.

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.

Consolidation
The company and its parent form a small group. The company is therefore not required to produce consolidated
financial statements as has not done so. These financial statements present information about the company as a
single entity.

Turnover
The turnover shown in the profit and loss account represents the provision of cleaning services throughout the
year, exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based
on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and
attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.


GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2019


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised
as other comprehensive income or to an item recognised directly in equity is also recognised in other
comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by
the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have
been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line
basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost
using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and
other short-term highly liquid investments that mature in no more than three months from the date of acquisition
and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,
where the debt instrument is measured at the present value of the future payments discounted at a market rate
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less
any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 225 ).

GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2019


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2018 9,396 8,425 552 1,868 20,241
Additions - 1,070 - 1,357 2,427
At 31 October 2019 9,396 9,495 552 3,225 22,668
DEPRECIATION
At 1 November 2018 4,598 5,776 319 1,391 12,084
Charge for year 480 930 58 459 1,927
At 31 October 2019 5,078 6,706 377 1,850 14,011
NET BOOK VALUE
At 31 October 2019 4,318 2,789 175 1,375 8,657
At 31 October 2018 4,798 2,649 233 477 8,157

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 270,676 259,102
Amounts owed by group undertakings 48,384 48,384
Other debtors 5,795 4,068
324,855 311,554

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 16,828 17,119
Amounts owed to group undertakings 7,343 1,343
Taxation and social security 106,759 107,706
Other creditors 50,258 51,734
181,188 177,902

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2019 2018
£    £   
Other creditors 55,000 85,000

8. RELATED PARTY DISCLOSURES

At the year end the parent company, Babylon Enterprises Ltd, owed Goldcrest Cleaning Ltd £7,343 (2018 -
£1,343)

Two of the Directors of this company are also directors and controlling shareholders of Seven Springs Vineyard
PTY Ltd a company registered in South Africa. At the year end Seven Springs Vineyard PTY Ltd owed
Goldcrest Cleaning Ltd £48,384 (2018 - £48,384).

The company has received a loan from the Heritage Pension Fund amounting to £150,000 , a fund in which one
of the Directors of this company is a beneficiary. At the year end the company owed the Heritage Pension Fund
£85,000 which is disclosed within creditors due within and after one year.

GOLDCREST CLEANING LIMITED (REGISTERED NUMBER: 04271766)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2019


9. POST BALANCE SHEET EVENTS

Since the balance sheet date the world has suffered a COVID-19 outbreak, which has resulted in significant
uncertainties caused by the social and economic restrictions imposed globally.

The directors have considered the effect this may have had on the company , and deem it too early to be able to
fully quantify the impact on the operations of the company

It is unclear what impact this will have on the trade of the company , and will be dependent upon the rate at
which the UK economy can recover from the pandemic. However the directors believe any impact will be
temporary in nature. An estimate of the financial effect cannot therefore be made.