MY GAS BUILDER LIMITED - Filleted accounts

MY GAS BUILDER LIMITED - Filleted accounts

MY GAS BUILDER LIMITED - Company Information

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Registered number
07624952
MY GAS BUILDER LIMITED
Filleted Accounts
31 May 2020
MY GAS BUILDER LIMITED
Registered number: 07624952
Balance Sheet
as at 31 May 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 15,579 4,377
Current assets
Stocks 3,795 975
Cash at bank and in hand 13,073 38,141
16,868 39,116
Creditors: amounts falling due within one year 4 (2,238) (8,842)
Net current assets 14,630 30,274
Net assets 30,209 34,651
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,109 34,551
Shareholder's funds 30,209 34,651
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sevket Bektas
Director
Approved by the board on 9 March 2021
MY GAS BUILDER LIMITED
Notes to the Accounts
for the year ended 31 May 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Equipment 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit. Corporation tax is not discounted.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Equipment
£
Cost
At 1 June 2019 8,859
Additions 16,059
Disposals (3,719)
At 31 May 2020 21,199
Depreciation
At 1 June 2019 4,482
Charge for the year 1,138
At 31 May 2020 5,620
Net book value
At 31 May 2020 15,579
At 31 May 2019 4,377
4 Creditors: amounts falling due within one year 2020 2019
£ £
Corporation tax - 3,450
Other taxes and social security costs (1,891) 3,472
Other creditors 4,129 1,920
2,238 8,842
5 Other information
MY GAS BUILDER LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
37 Rotherfield Road
Enfield
EN3 6AN
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