Gravity Underwriting Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 06710911 (England and Wales)

Gravity Underwriting Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D R Wills

A D Thorne

F D'Orazio

J T James

REGISTERED OFFICE:

Towers Point

Towers Business Park

Wheelhouse Road

Rugeley

Staffordshire

WS15 1UN

REGISTERED NUMBER:

06710911 (England and Wales)

ACCOUNTANTS:

Wychbury Greaves

Towers Point

Towers Business Park

Wheelhouse Road

Rugeley

Staffordshire

WS15 1UN

FIXED ASSETS

Tangible assets

2

28,146

39,710

CURRENT ASSETS

Debtors

23,977

-

Cash at bank

1,088,551

396,870

1,112,528

396,870

CREDITORS

Amounts falling due within one year

90,034

239,408

NET CURRENT ASSETS

1,022,494

157,462

TOTAL ASSETS LESS CURRENT LIABILITIES

1,050,640

197,172

CAPITAL AND RESERVES

Called up share capital

3

12,690

10,000

Share premium

847,310

30,000

Profit and loss account

190,640

157,172

SHAREHOLDERS' FUNDS

1,050,640

197,172

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

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

The directors acknowledge their 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 Board of Directors on 28 July 2014 and were signed on its behalf by:

D R Wills - Director

A D Thorne - 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.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

87,317

Additions

2,235

At 31 March 2014

89,552

DEPRECIATION

At 1 April 2013

47,607

Charge for year

13,799

At 31 March 2014

61,406

NET BOOK VALUE

At 31 March 2014

28,146

At 31 March 2013

39,710

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2013

value:

£

£

12,690

Share capital 1

£1

12,690

5,000

The following shares were issued during the year:

2,690 Ordinary shares of £1 for cash of £ 819,993

During the year the company passed a special resolution to reclassify 5000 £1 'A' ordinary shares to 5000 £1

ordinary shares.

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors' received dividends totalling £135,805 (2013 - £67,000).