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