Gwendolen Knitting Co Limited - Limited company - abbreviated - 11.9

Gwendolen Knitting Co Limited - Limited company - abbreviated - 11.9

GWENDOLEN KNITTING CO LIMITED - Company Information

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REGISTERED NUMBER: 01988084 (England and Wales)

















ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2015

FOR

GWENDOLEN KNITTING CO LIMITED

GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH 2015










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

GWENDOLEN KNITTING CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2015







DIRECTOR: Mr. I Umar





REGISTERED OFFICE: 109 Coleman Road
Leicester
LE5 4LE





BUSINESS ADDRESS: Office 4, Ground floor
Cobden House
Cobden Street
Leicester
LE1 2LB





REGISTERED NUMBER: 01988084 (England and Wales)





ACCOUNTANTS: Watergates Ltd
109 Coleman Road
Leicester
LE5 4LE
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GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084)

ABBREVIATED BALANCE SHEET
31ST MARCH 2015

31/3/15 31/3/14
Notes £    £   
FIXED ASSETS
Tangible assets 2 108,652 122,731
Investment property 3 2,700,000 2,700,000
2,808,652 2,822,731

CURRENT ASSETS
Stocks 100,000 -
Debtors 665,924 394,779
Cash at bank and in hand 2,782 122
768,706 394,901
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
(655,085		 )
(400,081		 )
NET CURRENT ASSETS/(LIABILITIES) 113,621 (5,180 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,922,273
2,817,551

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
(766,676		 )
(768,897		 )
NET ASSETS 2,155,597 2,048,654

CAPITAL AND RESERVES
Called up share capital 4 1,500 1,500
Revaluation reserve 1,929,553 1,929,553
Profit and loss account 224,544 117,601
SHAREHOLDERS' FUNDS 2,155,597 2,048,654

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2015.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st March 2015 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 notes on pages 4 to 5 form part of these abbreviated accounts

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GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084)

ABBREVIATED BALANCE SHEET - continued
31ST MARCH 2015


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 23rd December 2015 and were signed by:





Mr. I Umar - Director


The notes on pages 4 to 5 form part of these abbreviated accounts

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GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH 2015


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).

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Gwendolen Knitting Co Limited as an individual
Company and do not contain consolidated financial information as the parent of a group. The
Company has taken the option under Section 398 of the Companies Act 2006 not to prepare
consolidated financial statements.

TURNOVER
Turnover represents rental income, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost

INVESTMENT PROPERTY
Investment properties are shown at their open market value. The surplus or deficit arising from the
annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal,
on an individual investment property is expected to be permanent, in which case it is recognised in the
profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)
which, unlike the Companies Act 2006, does not require depreciation of investment properties.
Investment properties are held for their investment potential and not for use by the company and so
their current value is of prime importance. The departure from the provisions of the Act is required in
order to give a true and fair view.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those
held under finance leases are depreciated over their estimated useful lives or the lease term,
whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant
period. The capital element of the future payments is treated as a liability.

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GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31ST MARCH 2015


2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1st April 2014 345,979
Additions 23,700
At 31st March 2015 369,679
DEPRECIATION
At 1st April 2014 223,248
Charge for year 37,779
At 31st March 2015 261,027
NET BOOK VALUE
At 31st March 2015 108,652
At 31st March 2014 122,731

3. INVESTMENT PROPERTY
Total
£   
COST
At 1st April 2014
and 31st March 2015 2,700,000
NET BOOK VALUE
At 31st March 2015 2,700,000
At 31st March 2014 2,700,000

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/15 31/3/14
value: £    £   
1,500 Ordinary share capital £1 1,500 1,500

5. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Umar Holdings Limited, a company registered in England and Wales.

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