Inagas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02603233 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

INAGAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Kemp

Mrs A F Kemp

C Kemp

J Kemp

SECRETARY:

Mrs A F Kemp

REGISTERED OFFICE:

Holly End House

Water Lane

Bovingdon

Hertfordshire

HP3 0NA

REGISTERED NUMBER:

02603233 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Intangible assets

4

24,068

42,883

Tangible assets

5

11,481

18,215

35,549

61,098

CURRENT ASSETS

Debtors

6

88,182

111,015

Cash at bank

47

47

88,229

111,062

CREDITORS

Amounts falling due within one year

7

97,665

189,234

NET CURRENT LIABILITIES

(9,436

)

(78,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

26,113

(17,074

)

CREDITORS

Amounts falling due after more than one year

8

4,100

9,020

NET ASSETS/(LIABILITIES)

22,013

(26,094

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

21,913

(26,194

)

SHAREHOLDERS' FUNDS

22,013

(26,094

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 December 2019 and were signed on its behalf by:

M Kemp - Director

1.	STATUTORY INFORMATION

Inagas Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis. The directors believe this to be appropriate on the basis that

they have received assurances from the creditors that they will not require the repayment of advances made by

them to the company until the company has adequate funds to remain solvent.

Turnover

Turnover represents net invoiced sale of goods and services, excluding value added tax.

Rendering of services

Sales are recognised once the customer has agreed to purchase the service or goods and order is processed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents

Patent, the amount paid to register a patent for a new gas machine developed by Inagas Limited in 2010, is being

amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% straight line

Fixtures and fittings

-

15% reducing balance

Computer equipment

-

33.33% straight line

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at

amortised cost using the effective interest method, less any impairment. An impairment review is undertaken

annually at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

168,000

20,147

188,147

AMORTISATION

At 1 April 2018

134,400

10,864

145,264

Amortisation for year

16,800

2,015

18,815

At 31 March 2019

151,200

12,879

164,079

NET BOOK VALUE

At 31 March 2019

16,800

7,268

24,068

At 31 March 2018

33,600

9,283

42,883

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2018

and 31 March 2019

14,117

19,931

22,282

DEPRECIATION

At 1 April 2018

4,232

19,931

20,074

Charge for year

282

-

331

At 31 March 2019

4,514

19,931

20,405

NET BOOK VALUE

At 31 March 2019

9,603

-

1,877

At 31 March 2018

9,885

-

2,208

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

24,490

9,819

90,639

DEPRECIATION

At 1 April 2018

18,368

9,819

72,424

Charge for year

6,121

-

6,734

At 31 March 2019

24,489

9,819

79,158

NET BOOK VALUE

At 31 March 2019

1

-

11,481

At 31 March 2018

6,122

-

18,215

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

39,639

60,502

Other debtors

48,543

50,513

88,182

111,015

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

23,683

92,482

Hire purchase contracts

4,920

4,920

Trade creditors

27,296

33,477

Taxation and social security

(13,742

)

-

Other creditors

55,508

58,355

97,665

189,234

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

4,100

9,020

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

21,334

32,740

Hire purchase contracts

9,020

13,940

30,354

46,680

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

Ordinary

£1

100

100