Governor Limited - Period Ending 2015-02-28

Registration number: 7954655

Governor Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

ClearTax & Accounting Ltd
The Granary
Yews Farm
Linton Road
Hadstock
CB21 4NU

Governor Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Governor Limited
for the Year Ended 28 February 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Governor Limited for the year ended 28 February 2015 set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Taxation, we are subject to its ethical and other professional requirements which are detailed at www.tax.org.uk.

This report is made solely to the Board of Directors of Governor Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Governor Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Governor Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Governor Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Governor Limited. You consider that Governor Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Governor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

ClearTax & Accounting Ltd
The Granary
Yews Farm
Linton Road
Hadstock
CB21 4NU

30 November 2015

Page 1

Governor Limited
(Registration number: 7954655)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					8,316			7,312
Current assets
Debtors					14,138			7,538
Cash at bank and in hand					29,392			7,311
					43,530			14,849
Creditors: Amounts falling due within one year					(8,693)			(3,344)
Net current assets					34,837			11,505
Total assets less current liabilities					43,153			18,817
Creditors: Amounts falling due after more than one year					(40,000)			(40,000)
Net assets/(liabilities)					3,153			(21,183)
Capital and reserves
Called up share capital		3			10,000			10,000
Profit and loss account					(6,847)			(31,183)
Shareholders' funds/(deficit)					3,153			(21,183)

For the year ending 28 February 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 November 2015

.........................................
Jessie Bell
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Governor Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. The director has undertaken to continue to provide finance for the company in the foreseeable future.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	Straight Line 15%
Plant and machinery	Reducing Balance 25%
Motor vehicles	Reducing Balance 25%

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Governor Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2014		10,065			10,065
Additions		3,500			3,500
At 28 February 2015		13,565			13,565
Depreciation
At 1 March 2014		2,753			2,753
Charge for the year		2,496			2,496
At 28 February 2015		5,249			5,249
Net book value
At 28 February 2015		8,316			8,316
At 28 February 2014		7,312			7,312

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share of £1 each		10,000			10,000			10,000			10,000

Page 4