Graham Wells Limited - Filleted accounts

Graham Wells Limited - Filleted accounts


Graham Wells Limited
Registered number: 05200946
Balance Sheet
as at 31 August 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 1,419,917 1,449,537
Investments 3 2,455,133 2,523,252
3,875,050 3,972,789
Current assets
Debtors 4 256,968 239,461
Investments held as current assets 4 20,000 -
Cash at bank and in hand 248,526 219,725
525,494 459,186
Creditors: amounts falling due within one year 5 (41,311) (15,699)
Net current assets 484,183 443,487
Total assets less current liabilities 4,359,233 4,416,276
Creditors: amounts falling due after more than one year 6 (3,621,195) (3,681,040)
Net assets 738,038 735,236
Capital and reserves
Called up share capital 100,000 100,000
Revaluation reserve 7 302,790 302,790
Profit and loss account 335,248 332,446
Shareholders' funds 738,038 735,236
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Houshang Khosrowpour
Director
Approved by the board on 4 May 2017
Graham Wells Limited
Notes to the Accounts
for the year ended 31 August 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance method
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2015 1,446,802 6,339 1,453,141
At 31 August 2016 1,446,802 6,339 1,453,141
Depreciation
At 1 September 2015 - 3,604 3,604
Charge for the year 28,936 684 29,620
At 31 August 2016 28,936 4,288 33,224
Net book value
At 31 August 2016 1,417,866 2,051 1,419,917
At 31 August 2015 1,446,802 2,735 1,449,537
The director is of the opinion that the above amounts fairly represents the properties' market value as at 31st August 2016.
3 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 September 2015 2,323,858 199,394 2,523,252
Additions - 431,881 431,881
Disposals (500,000) - (500,000)
At 31 August 2016 1,823,858 631,275 2,455,133
The market valuation of the Euro Bonds amounted to £2,013,091.37 as at 31st August 2016 as shown by LGT Bank Switzerland Ltd.'s valuation report.

The market valuation of the Quoted Shares amounted to £555,659.76 as at 31st August 2016 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.
4 Investments held as current assets
2,016 2,015
£ £
At 1 September 2015 - -
Additions 20,000 -
As 31 August 2016 20,000 -
Investments held as current assets comprise of unquoted preference shares in a property development company.
4 Debtors 2016 2015
£ £
Trade debtors 45,507 38,673
Amounts owed by group undertakings and undertakings in which the company has a participating interest 210,541 200,000
Other debtors 920 788
256,968 239,461
5 Creditors: amounts falling due within one year 2016 2015
£ £
Accruals 9,950 5,375
Corporation tax 4,680 5,887
Director's loan 26,681 4,437
41,311 15,699
6 Creditors: amounts falling due after one year 2016 2015
£ £
Shareholder's loan 3,621,195 3,681,040
7 Revaluation reserve 2016 2015
£ £
At 1 September 2015 302,790 302,790
At 31 August 2016 302,790 302,790
9 Transactions with Directors
During the year, an additional development loan of £10,541 was made by the company to Denteez Limited, a company registered in England and connected with the director Mr Houshang Khosrowpour, totalling the amount of loans to £210,541. No specific provisions are made for interest calculations, repayment or conversion to shares yet.
10 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 date amounted to £3,621,195. This balance was unsecured and interest free.

During the year, the company paid Mrs M Khosrowpour, the company secretary, a sum of £12,000 (2015: £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 consultancy services in investment and property matters.
8 Other information
Graham Wells Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Oldfield Mews
Highgate
London
N6 5XA
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