GAINWAY_LIMITED - Accounts
GAINWAY_LIMITED - Accounts
Company Registration No. 2885830 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(266,045 )
(196,490 )
Net current liabilities
(216,156 )
(180,421 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(195,000 )
(499,000 )
938,844
970,579
Capital and reserves
Called up share capital
3
Revaluation reserve
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2015
- 2 -
Director's responsibilities:
-
-
Approved by the Board for issue on 30 March 2016
Director
Company Registration No. 2885830
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
1
Accounting policies
1.1
Accounting convention
The company had net current liabilities of £216,156 at 30 June 2015. The company meets its day to day working capital requirements through the support of the ultimate parent company and GT Lever, the director and sole shareholder. It is therefore considered appropriate to prepare the accounts on a going concern basis.
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Intercompany loan accounts
All inter-company loan account balances are written off at the end of each accounting period.
1.5
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 July 2014
1,650,000
Additions
(300,000)
At 30 June 2015
1,350,000
At 30 June 2014
1,650,000
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
4
Ultimate parent company
The ultimate parent company is Abbeyclone Limited, a company registered in England and Wales, which owns 100% of the issued share capital of the company. The ultimate parent company's financial statements are available by writing to 1st floor office, 189-193 Earls Court Road, London, SW5 9AN.