GAS-JET Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03069008 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

GAS-JET LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K P Mogg

SECRETARY:

Mrs P Mogg

REGISTERED OFFICE:

City Arms House

127 London Road

Stone

Dartford

Kent

DA2 6BH

REGISTERED NUMBER:

03069008 (England and Wales)

ACCOUNTANTS:

WBD Accountants Limited

Marlbridge House

Enterprise Way

Edenbridge

Kent

TN8 6HF

FIXED ASSETS

Tangible assets

4

35,629

40,557

CURRENT ASSETS

Stocks

20,000

20,000

Debtors

5

37,385

41,438

Cash at bank and in hand

86,258

65,736

143,643

127,174

CREDITORS

Amounts falling due within one year

6

56,210

61,279

NET CURRENT ASSETS

87,433

65,895

TOTAL ASSETS LESS CURRENT LIABILITIES

123,062

106,452

PROVISIONS FOR LIABILITIES

7,706

7,706

NET ASSETS

115,356

98,746

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

115,350

98,740

115,356

98,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 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 director and authorised for issue on 26 August 2020 and were signed by:

K P Mogg - Director

1.	STATUTORY INFORMATION

GAS-JET 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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 9 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

98,155

Additions

6,950

At 31 March 2020

105,105

DEPRECIATION

At 1 April 2019

57,598

Charge for year

11,878

At 31 March 2020

69,476

NET BOOK VALUE

At 31 March 2020

35,629

At 31 March 2019

40,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

33,903

37,900

Other debtors

3,482

3,538

37,385

41,438

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

1

850

Taxation and social security

30,644

35,439

Other creditors

25,565

24,990

56,210

61,279