Gloworks Limited - Limited company - abbreviated

REGISTERED NUMBER: 06314854 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2014

for

Gloworks Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr M J Smith

SECRETARY:

Mrs A R Smith

REGISTERED OFFICE:

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

REGISTERED NUMBER:

06314854 (England and Wales)

ACCOUNTANTS:

Franklin Underwood

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Tangible assets

2

664

864

CURRENT ASSETS

Debtors

3,538

2,257

Cash at bank

44,427

35,426

47,965

37,683

CREDITORS

Amounts falling due within one year

30,498

10,438

NET CURRENT ASSETS

17,467

27,245

TOTAL ASSETS LESS CURRENT
LIABILITIES

18,131

28,109

PROVISIONS FOR LIABILITIES

133

173

NET ASSETS

17,998

27,936

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

17,997

27,935

SHAREHOLDERS' FUNDS

17,998

27,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 13 February 2015 and were signed by:

Mr M J Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents royalties received, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

2,807

DEPRECIATION

At 1 June 2013

1,943

Charge for year

200

At 31 May 2014

2,143

NET BOOK VALUE

At 31 May 2014

664

At 31 May 2013

864

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

1

Ordinary

£1

1

4.	ULTIMATE PARENT COMPANY

CompassionArt Limited is the company's ultimate parent undertaking.

5.	RELATED PARTY DISCLOSURES

During the year the company paid charitable donations amounting to £24,000 (2013 £NIL) to its parent

undertaking CompassionArt Limited.

At the year end the company owed £1,606 (2013 £1,606) to Compassionart Limited in respect of donations

received on behalf of CompassionArt Limited.

Gloworks Limited - Limited company - abbreviated - 11.6

Gloworks Limited - Limited company - abbreviated - 11.6