Combined Gas Systems Limited - Abbreviated accounts

COMBINED GAS SYSTEMS LIMITED - Company Information


Company number -			03327911












	Combined Gas Systems Limited

	Abbreviated Accounts

for the year ended		31 July 2014

Combined Gas Systems Limited							- 1 -

Abbreviated balance sheet at 31 July 2014
Company number							03327911


		Notes		2014		2013
£				£	£	£
Fixed assets
	Intangible assets	2		399,000		475,000
	Tangible assets	2		126,362		107,801
	Investments	2		100		0
				525,462		582,801
Current assets
	Stocks		210,813		152,959
	Debtors		536,023		369,976
	Cash at bank and in hand		37		8,056
			746,873		530,991
Creditors: amounts falling due		3	(570,580)		(575,065)
	within one year	3	(570,580)		(575,065)

Net current assets / ( liabilities )				176,293		(44,074)

Total assets less current liabilities				701,755		538,727

Provisions for liabilities and charges				(5,000)		0

				696,755		538,727
				696,755		538,727

Capital and reserves
	Called up share capital	4		100		100
	Profit and loss account			696,655		538,627
Shareholders funds				696,755		538,727
Shareholders funds				696,755		538,727

For the year ending 31 July 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.


Members have not required the company to obtain an audit in accordance with section 476 of the Act.


The directors acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts


The abbreviated accounts have been prepared in accordance with the provisions applicable to Companies subject to the small companies regime


The abbreviated accounts on pages 1 to 4 were approved and authorised for issue by the director
on	29 October 2014


			P Jackson
			Director

Combined Gas Systems Limited		- 2 -

Notes to the abbreviated accounts for the year ended 31 July 2014


1	Accounting policies


	Basis of accounting

	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 ). Having considered the
	future trading prospects of the company, and the available cash resources, it was considered appropriate
	to prepare the financial statements on a going concern basis.


	Purchased goodwill

	Goodwill representing the excess of the purchase price compared with the fair value of the net assets
	acquired is capitalised and written off evenly over ten years as in the opinion of the directors this
	represents the period over which the goodwill is effective. The useful economic life is reviewed at the
	end of each reporting period.

	Tangible fixed assets

	Fixed assets are stated at historical cost.

	Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down
	its estimated residual value over its expected useful life. The rates or periods generally
	applicable are :-


	Motor vehicles		25%
	Plant and machinery		25%

	Stocks and work in progress

	Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished
	goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable
	value is based upon estimated selling price less further costs expected to be incurred to completion and
	disposal. Provision is made for obsolete and slow moving items.

	Deferred taxation

	Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
	balance sheet date where transactions or events that result in an obligation to pay more tax in the future
	or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are
	differences between the taxable profits of the company and its results as stated in the financial statements
	that arise from the inclusion of gains and losses in tax assessments in periods different from those in
	which they are recognised in the financial statements.

	Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Combined Gas Systems Limited					- 3 -

Notes to the abbreviated accounts for the year ended 31 July 2014





1	Accounting policies ( continued )

	Exemption from preparing consolidated financial statements

	The financial statements present information about the company as an individual undertaking and not
	about its group, as the company has taken advantage of the exemption provided by section 398 of the
	Companies Act 2006 not to prepare group accounts on the grounds that it is a small group.

	Retirement benefits

	The company operates a defined contribution scheme. The amount charged to the profit and loss account
	in respect of pension costs and other post retirement benefits is the contributions payable in the year.
	Differences between contributions payable in the year and contributions actually paid are shown as either
	accruals or prepayments in the balance sheet.

	Turnover

	Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and or services in the company's ordinary nature of business. Turnover is shown net of VAT.


	Foreign currencies

	Transactions expressed in foreign currency are translated into sterling and recorded at rates of exchange
	approximating to those ruling at the date of the transaction. Monetary assets and liabilities are translated
	at rates ruling at the balance sheet date. Exchange differences are dealt with in the profit and loss account.


Combined Gas Systems Limited					- 4 -

Notes to the abbreviated accounts for the year ended 31 July 2014





2	Fixed assets
Tangible			Intangible	Fixed
fixed			fixed	asset
assets			assets	investments
	Cost	£	£	£
	At 1 August 2013	268,440	760,000	0
	Additions	86,571	0	100
	Disposals	(29,823)	0	0
	At 31 July 2014	325,188	760,000	100

	Depreciation
	At 1 August 2013	160,639	285,000	-
	Disposals	(29,823)	0	-
	Charge for year	68,010	76,000	-
	At 31 July 2014	198,826	361,000	-

	Net book value at 31 July 2014	126,362	399,000	100

	Net book value at 31 July 2013	107,801	475,000	0

3	Creditors

	The liabilities which are secured on the assets of the company are :-

		2014		2013
£			£
	Bank borrowing	177,744		131,307
	All creditors are repayable within five years


4	Share Capital
		2014		2013
	Class of share	Ordinary	Ordinary
	Nominal value of each share	£1		£1
	Number of shares allotted, called up, and fully paid	100		100
	Value of issued share capital	£100		£100