Gloworks Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 06314854 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2015

for

Gloworks Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr M J Smith

SECRETARY:

Mrs A R Smith

REGISTERED OFFICE:

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

REGISTERED NUMBER:

06314854 (England and Wales)

ACCOUNTANTS:

Franklin Underwood

1 Pinnacle Way

Pride Park

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Tangible assets

2

512

664

CURRENT ASSETS

Debtors

10,823

3,538

Cash at bank

22,794

44,427

33,617

47,965

CREDITORS

Amounts falling due within one year

7,549

30,498

NET CURRENT ASSETS

26,068

17,467

TOTAL ASSETS LESS CURRENT LIABILITIES

26,580

18,131

PROVISIONS FOR LIABILITIES

102

133

NET ASSETS

26,478

17,998

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

26,477

17,997

SHAREHOLDERS' FUNDS

26,478

17,998

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 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 26 February 2016 and were signed by:

Mr M J Smith - 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 gross royalties received.

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

-

15% on reducing balance

Computer equipment

-

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

2,807

DEPRECIATION

At 1 June 2014

2,143

Charge for year

152

At 31 May 2015

2,295

NET BOOK VALUE

At 31 May 2015

512

At 31 May 2014

664

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1

Ordinary

£1

1

1

4.	ULTIMATE PARENT COMPANY

CompassionArt Limited is the company's ultimate parent undertaking.

5.	RELATED PARTY DISCLOSURES

At the year end the company owed £1,593 (2014 £1,606) to Compassionart Limited in respect of donations received on

behalf of CompassionArt Limited.