1 May 2017 false No description of principal activity Taxfiler 2018.5.Web SC315853business:PrivateLimitedCompanyLtd2017-05-012018-04-30 SC3158532017-04-30 SC3158532017-05-012018-04-30 SC315853business:AuditExemptWithAccountantsReport2017-05-012018-04-30 SC315853business:FullAccounts2017-05-012018-04-30 SC3158532018-04-30 SC315853business:Director12017-05-012018-04-30 SC315853business:Director22017-05-012018-04-30 SC315853business:Director32017-05-012018-04-30 SC315853business:Director42017-05-012018-04-30 SC315853business:RegisteredOffice2017-05-012018-04-30 SC3158532017-04-30 SC315853core:WithinOneYear2018-04-30 SC315853core:WithinOneYear2017-04-30 SC315853core:ShareCapital2018-04-30 SC315853core:ShareCapital2017-04-30 SC315853core:RetainedEarningsAccumulatedLosses2018-04-30 SC315853core:RetainedEarningsAccumulatedLosses2017-04-30 SC315853business:SmallEntities2017-05-012018-04-30 SC315853countries:Scotland2017-05-012018-04-30 SC315853core:PlantMachinery2017-05-012018-04-30 SC315853core:FurnitureFittings2017-05-012018-04-30 SC315853core:IntangibleAssetsOtherThanGoodwill2017-04-30 SC315853core:IntangibleAssetsOtherThanGoodwill2018-04-30 SC315853core:PlantMachinery2017-04-30 SC315853core:FurnitureFittings2017-04-30 SC315853core:PlantMachinery2018-04-30 SC315853core:FurnitureFittings2018-04-30 SC315853business:OrdinaryShareClass12017-05-012018-04-30 SC315853business:OrdinaryShareClass12016-04-012017-04-30 SC3158532016-04-012017-04-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. SC315853 (Scotland)
Gorman & Smith Ltd Unaudited accounts for the year ended 30 April 2018
Gorman & Smith Ltd Unaudited accounts Contents
Page
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Gorman & Smith Ltd Company Information for the year ended 30 April 2018
Directors
Mr Arthur Wallace Mrs Marian Wallace Claire Smith Amanda Gorman
Company Number
SC315853 (Scotland)
Registered Office
C/O Scottish Tax Bureau 94 Hope Street Glasgow G2 6PH UK
Accountants
Scottish Tax Bureau 94 Hope Street Glasgow G2 6PH
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Gorman & Smith Ltd Statement of financial position as at 30 April 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Intangible assets
17,780 
17,780 
Tangible assets
7,181 
4,527 
24,961 
22,307 
Current assets
Inventories
9,089 
5,328 
Cash at bank and in hand
9,684 
42,320 
18,773 
47,648 
Creditors: amounts falling due within one year
(26,122)
(69,855)
Net current liabilities
(7,349)
(22,207)
Net assets
17,612 
100 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
17,512 
- 
Shareholders' funds
17,612 
100 
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 15 June 2018.
Claire Smith Director Company Registration No. SC315853
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Gorman & Smith Ltd Notes to the Accounts for the year ended 30 April 2018
1
Statutory information
Gorman & Smith Ltd is a private company, limited by shares, registered in Scotland, registration number SC315853. The registered office is C/O Scottish Tax Bureau, 94 Hope Street, Glasgow, G2 6PH, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing Balance
Fixtures & fittings
20% reducing Balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 May 2017
17,780 
At 30 April 2018
17,780 
Amortisation
At 1 May 2017
- 
At 30 April 2018
- 
Net book value
At 30 April 2018
17,780 
At 30 April 2017
17,780 
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Gorman & Smith Ltd Notes to the Accounts for the year ended 30 April 2018
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2017
12,707 
13,293 
26,000 
Additions
4,448 
- 
4,448 
At 30 April 2018
17,155 
13,293 
30,448 
Depreciation
At 1 May 2017
9,607 
11,866 
21,473 
Charge for the year
1,509 
285 
1,794 
At 30 April 2018
11,116 
12,151 
23,267 
Net book value
At 30 April 2018
6,039 
1,142 
7,181 
At 30 April 2017
3,100 
1,427 
4,527 
6
Inventories
2018 
2017 
£ 
£ 
Finished goods
9,089 
5,328 
9,089 
5,328 
7
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Trade creditors
2,664 
7,619 
Taxes and social security
11,558 
8,180 
Loans from directors
11,900 
54,056 
26,122 
69,855 
8
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 11 (2017: 10).
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