Abbreviated Company Accounts - GRAHAM WELLS LIMITED

Abbreviated Company Accounts - GRAHAM WELLS LIMITED


Registered Number 05200946

GRAHAM WELLS LIMITED

Abbreviated Accounts

31 August 2015

GRAHAM WELLS LIMITED Registered Number 05200946

Abbreviated Balance Sheet as at 31 August 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 1,449,537 1,450,605
Investments 3 2,523,252 3,333,410
3,972,789 4,784,015
Current assets
Debtors 239,461 60,352
Cash at bank and in hand 219,725 185,218
459,186 245,570
Creditors: amounts falling due within one year (15,699) (10,582)
Net current assets (liabilities) 443,487 234,988
Total assets less current liabilities 4,416,276 5,019,003
Creditors: amounts falling due after more than one year (3,681,040) (4,336,229)
Total net assets (liabilities) 735,236 682,774
Capital and reserves
Called up share capital 100,000 100,000
Revaluation reserve 302,790 302,790
Profit and loss account 332,446 279,984
Shareholders' funds 735,236 682,774
  • For the year ending 31 August 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 29 April 2016

And signed on their behalf by:
Houshang Khosrowpour, Director

GRAHAM WELLS LIMITED Registered Number 05200946

Notes to the Abbreviated Accounts for the period ended 31 August 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery: 25% reducing balance method

Other accounting policies
Foreign Currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.

2Tangible fixed assets
£
Cost
At 1 September 2014 1,453,141
Additions -
Disposals -
Revaluations -
Transfers -
At 31 August 2015 1,453,141
Depreciation
At 1 September 2014 2,536
Charge for the year 1,068
On disposals -
At 31 August 2015 3,604
Net book values
At 31 August 2015 1,449,537
At 31 August 2014 1,450,605

The director is of the opinion that the above amounts fairly represent the properties' market value as at 31st August 2015.

3Fixed assets Investments
The market valuation of the Euro Bonds amounted to £2,091,713 as at 31st August 2015 as shown by LGT Bank Switzerland Ltd.'s valuation report.

The market valuation of Quoted Shares amounted to £395,249 as at 31st August 2015 as shown by LGT Bank Switzerland Ltd.'s valuation report.

The investments are managed by professional fund managers and comprise of liquid assets and investments listed on recognised stock exchanges.

4Transactions with directors

Name of director receiving advance or credit: Houshang Khosrowpour
Description of the transaction: Amounts owed by undertaking in which the company has a participating interest
Balance at 1 September 2014: £ 0
Advances or credits made: £ 200,000
Advances or credits repaid: -
Balance at 31 August 2015: £ 200,000

Name of director receiving advance or credit: Houshang Khosrowpour
Description of the transaction: Shareholder's loan
Balance at 1 September 2014: £ 4,336,229
Advances or credits made: -
Advances or credits repaid: £ 655,189
Balance at 31 August 2015: £ 3,681,040

Amounts owed by undertaking in which the company has a participating interest

During the year, a development loan of £200,000 was made by the company to Denteez Limited, a company registered in England and connected with the director Mr Houshang Khosrowpour. No specific provisions are made for interest calculations, repayment period or conversion to shares yet.

Related Party Transactions and Ultimate Control

The company is controlled by Mrs Tamara Brovko through her 60% shareholdings.
The balance due to Mrs Brovko as at balance sheet amounted £3,681,040. This balance was unsecured and interest free.
During the year, the company paid Mrs M khosrowpour, the company secretary, a sum of £12,000 (2014: £12,000) towards her bookkeeping and secretarial services.
During the year, the company paid £20,000 to Mr Alex Khosrowpour, the director's son, for his investment and property consultancy services.