Gray Knight Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06706399 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

Gray Knight Limited

Trading as

Fields

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mrs G M Gray Knight

SECRETARY:

M J Knight

REGISTERED OFFICE:

Scrubbs Farm

Bishops Sutton

Alresford

Hampshire

SO24 0HR

REGISTERED NUMBER:

06706399 (England and Wales)

ACCOUNTANTS:

Butler & Co

Chartered Accountants

Bennett House

The Dean

Alresford

Hampshire

SO24 9BH

FIXED ASSETS

Intangible assets

2

23,600

29,500

Tangible assets

3

5,121

6,828

28,721

36,328

CURRENT ASSETS

Stocks

11,845

12,528

Debtors

8,255

5,558

Cash at bank and in hand

431

2,469

20,531

20,555

CREDITORS

Amounts falling due within one year

82,680

87,670

NET CURRENT LIABILITIES

(62,149

)

(67,115

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(33,428

)

(30,787

)

CREDITORS

Amounts falling due after more than one year

2,669

3,560

NET LIABILITIES

(36,097

)

(34,347

)

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

(36,098

)

(34,348

)

SHAREHOLDERS' FUNDS

(36,097

)

(34,347

)

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

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

The director acknowledges her 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 19 August 2015 and were signed by:

Mrs G M Gray Knight - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on a going concern basis having received assurances from the director that she

will continue to support the company.

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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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

-

25% reducing balance basis

Computer equipment

-

25% reducing balance basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Capital grants

Capital Grants have been treated in accordance with UK GAAP:

- the fixed asset is initially recorded at its full cost, ignoring the receipt of the grant, and depreciated over its

useful economic life, and

- the grant is recorded as deferred income and taken to income over the same period, and on the same basis, as

the cost of the asset is depreciated.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

59,000

AMORTISATION

At 1 January 2014

29,500

Amortisation for year

5,900

At 31 December 2014

35,400

NET BOOK VALUE

At 31 December 2014

23,600

At 31 December 2013

29,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

22,702

DEPRECIATION

At 1 January 2014

15,874

Charge for year

1,707

At 31 December 2014

17,581

NET BOOK VALUE

At 31 December 2014

5,121

At 31 December 2013

6,828

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

1

Ordinary

£1

1

1

5.	RELATED PARTY DISCLOSURES

Mr M J Knight

Secretary

During the period under review Mr M J Knight's loan to the company was reduced to £nil (2013 - £4,125). This

amount is disclosed under other creditors.

31.12.14

31.12.13

£

£

Amount due to related party at balance sheet date

Mrs G M Gray Knight

Director

71,799

72,824

Mr M J Knight

Secretary

-

4,125

6.	ULTIMATE CONTROLLING PARTY

During the period under review the company was under the control of Mrs G M Gray Knight, the sole director

and shareholder.

7.	GOING CONCERN

These financial statements have been prepared on a going concern basis which relies on the director's continued

financial support of the company. The director has given the company assurances that she will not demand

repayment of the monies on her loan account in the foreseeable future.