GULF CONSUMER GOODS COMPANY LIMITED |
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of GULF CONSUMER GOODS COMPANY LIMITED for the year ended 31 December 2014 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GULF CONSUMER GOODS COMPANY LIMITED for the year ended 31 December 2014 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the Board of Directors of GULF CONSUMER GOODS COMPANY LIMITED, as a body, in accordance with the terms of our engagement letter dated 23 August 2010. Our work has been undertaken solely to prepare for your approval the accounts of GULF CONSUMER GOODS COMPANY LIMITED and state those matters that we have agreed to state to the Board of Directors of GULF CONSUMER GOODS COMPANY LIMITED, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GULF CONSUMER GOODS COMPANY LIMITED and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that GULF CONSUMER GOODS COMPANY 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 loss of GULF CONSUMER GOODS COMPANY LIMITED. You consider that GULF CONSUMER GOODS COMPANY 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 GULF CONSUMER GOODS COMPANY 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. |
|
Bass & Co |
Chartered Accountants |
123 Riddlesdown Road |
Purley |
Surrey |
CR8 1DL |
|
27 August 2015 |
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GULF CONSUMER GOODS COMPANY LIMITED
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Balance Sheet |
as at 31 December 2014
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|
Notes |
|
|
2014 |
|
|
2013 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
8,600 |
|
|
8,800 |
|
Current assets |
Debtors |
4 |
|
57,623 |
|
|
65,215 |
|
Creditors: amounts falling due within one year |
5 |
|
(24,755) |
|
|
(31,647) |
|
Net current assets |
|
|
|
32,868 |
|
|
33,568 |
|
Net assets |
|
|
|
41,468 |
|
|
42,368 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
6 |
|
|
250,000 |
|
|
250,000 |
Profit and loss account |
7 |
|
|
(208,532) |
|
|
(207,632) |
|
Shareholders' funds |
|
|
|
41,468 |
|
|
42,368 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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|
B K Chaiban |
Director |
Approved by the board on 27 August 2015
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GULF CONSUMER GOODS COMPANY LIMITED
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Notes to the Accounts |
for the year ended 31 December 2014
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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|
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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|
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Freehold property |
2% straight line
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|
|
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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|
2 |
Operating profit |
2014 |
|
2013 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
200 |
|
200 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 January 2014 |
10,000 |
|
At 31 December 2014 |
10,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2014 |
1,200 |
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Charge for the year |
200 |
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At 31 December 2014 |
1,400 |
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|
|
|
|
|
|
|
|
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Net book value |
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At 31 December 2014 |
8,600 |
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At 31 December 2013 |
8,800 |
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|
|
|
|
|
|
|
|
|
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Freehold land and buildings: |
2014 |
|
2013 |
£ |
£ |
|
Historical cost |
16,048 |
|
16,048 |
|
Cumulative depreciation based on historical cost |
6,099 |
|
5,778 |
|
|
|
|
|
|
|
|
|
|
4 |
Investments |
Investment in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 January 2014 |
289,311 |
|
Disposal |
(289,311) |
|
At 31 December 2014 |
- |
|
|
|
|
|
|
|
|
|
|
Provision for diminution |
|
At 1 January 2014 |
289,311 |
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Disposal |
(289,311) |
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At 31 December 2014 |
- |
|
|
|
|
|
|
|
|
|
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Net book value |
|
At 31 December 2014 and 31 December 2013 |
- |
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The subsidairy undertaking represented a 54% interest in J A Ellaby (Wholesale) Limited, a company incorporated in the UK. This company was dissolved on 22 July 2014. |
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|
4 |
Debtors |
2014 |
|
2013 |
£ |
£ |
|
|
Other debtors |
57,623 |
|
65,215 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
£ |
£ |
|
|
Other creditors |
24,755 |
|
31,647 |
|
|
|
|
|
|
|
|
|
|
6 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
250,000 |
|
250,000 |
|
250,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Profit and loss account |
2014 |
£ |
|
|
At 1 January 2014 |
(207,632) |
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Loss for the year |
(900) |
|
|
At 31 December 2014 |
(208,532) |
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|
|
|
|
|
|
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8 |
Ultimate controlling party |
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The company is controlled by Thabeer Trading & Contracting Co., a partnership incorporated in Saudi Arabia.
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