Gowerlane Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03685131 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

Gowerlane Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

N Zamek

SECRETARY:

N C Zamek

REGISTERED OFFICE:

The Office

Inglewood Mansions

289 West End Lane

London

NW6 1RE

REGISTERED NUMBER:

03685131 (England and Wales)

ACCOUNTANTS:

CAAS

Chartered Accountants

Suite 203, 2nd Floor

China House

401 Edgware Road

London

NW2 6GY

FIXED ASSETS

Tangible assets

2

9,161

10,954

Investment property

3

3,250,238

3,250,238

3,259,399

3,261,192

CURRENT ASSETS

Debtors

2,154,744

1,909,787

Cash at bank and in hand

12,490

7,710

2,167,234

1,917,497

CREDITORS

Amounts falling due within one year

537,496

313,729

NET CURRENT ASSETS

1,629,738

1,603,768

TOTAL ASSETS LESS CURRENT LIABILITIES

4,889,137

4,864,960

CREDITORS

Amounts falling due after more than one year

3,599,602

3,631,179

NET ASSETS

1,289,535

1,233,781

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

1,289,533

1,233,779

SHAREHOLDERS' FUNDS

1,289,535

1,233,781

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 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 30 September 2015 and were signed by:

N Zamek - 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 net invoiced sales of services, 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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes

in market value is transferred to a revaluation reserve.

In accordance with the Financial Reporting Standard for Small Entities (effective January 2005) ('FRSSE')

investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation

reserve. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the

generally accepted accounting principle set out in the FRSSE. The director considers that because the property is

not held for consumption but for its investment potential, to depreciate it would not give true and fair view, and

that is necessary to adopt the FRSSE in order to give true and fair view. Depreciation is only one of the many

factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be

separately identified or quantified.

Deferred tax

Deferred tax is accounted for on an undiscounted basis at expected tax rates on all differences arising from the

inclusion of items of income and expenditure in taxation computations in periods different from those in which

they are included in the financial statements. A deferred tax asset is only recognised when it is more likely than

not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the

underlying timing differences can be deducted.

Trade debtors

Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are

written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and

the amount can be reliably estimated. Provisions are not recognised for future operating losses.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

21,046

Additions

1,258

At 31 December 2014

22,304

DEPRECIATION

At 1 January 2014

10,092

Charge for year

3,051

At 31 December 2014

13,143

NET BOOK VALUE

At 31 December 2014

9,161

At 31 December 2013

10,954

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2014

and 31 December 2014

3,250,238

NET BOOK VALUE

At 31 December 2014

3,250,238

At 31 December 2013

3,250,238

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

2

Ordinary

£1

2

2

5.	RELATED PARTY DISCLOSURES

Finlaw 450 Limited

Common directorship

The value of £119,633 were received towards the loans during the year. Management fees to the value of

£72,878 were charged to Finlaw 450 Limited during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

147,537

194,293

Wisemove Homes Limited

Common directorship

Management fees to the value of £200,000 were charged to Wisemove Homes Limited during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

200,500

10,500

Templeton Place Limited

Common directorship

The value of £71,500 were received towards the loans during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

71,500

-

Codebrand Limited

Common directorship

There was no movement on the loan balance during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

424,561

424,561

Best Moves Properties UK Ltd

Common directorship

The company paid expenses of £403 on behalf of the Best Moves Properties UK Ltd

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

1,957

1,554

Cobden Property Services Limited

Common directorship

The value of £114,491 were received towards the loans during the year.

31.12.14

31.12.13

£

£

Amount due to related party at the balance sheet date

234,072

119,581

Inglewood Mansions Limited

Common directorship

The value of £191,800 were paid towards the loans during the year. Management fees to the value of £96,925

were charged to Inglewood Mansions Limited during the year.

31.12.14

31.12.13

£

£

Amount due to related party at the balance sheet date

213,776

118,901

Evebay Limited

Common directorship

The value of £24,300 were received towards the loans during the year. Management fees to the value of £20,865

were charged to Evebay Limited during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

37,947

41,382

Emer Limited

Common directorship

There was no movement on the loan balance during the year.

31.12.14

31.12.13

£

£

Amount due from related party at the balance sheet date

370,243

370,243

N Zamek

Expenses amounted to £nil.

31.12.14

31.12.13

£

£

Amount due from/(to) related party at the balance sheet date

909

(1,320

)