Novagas (LPG) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08848342 (England and Wales)

Novagas (LPG) Limited

Unaudited Financial Statements for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J F Rose

Mrs L J K Rose

Mr A B Rose

REGISTERED OFFICE:

High Street

Buxted

Uckfield

East Sussex

TN22 4LA

REGISTERED NUMBER:

08848342 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

44,009

66,013

Tangible assets

5

884,252

615,479

928,261

681,492

CURRENT ASSETS

Stocks

84,760

77,497

Debtors

6

472,976

264,796

Cash at bank and in hand

701,778

824,962

1,259,514

1,167,255

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

239,125

188,643

NET CURRENT ASSETS

1,020,389

978,612

TOTAL ASSETS LESS CURRENT LIABILITIES

1,948,650

1,660,104

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(25,527

)

-

PROVISIONS FOR LIABILITIES

(158,835

)

(107,067

)

NET ASSETS

1,764,288

1,553,037

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,764,188

1,552,937

SHAREHOLDERS' FUNDS

1,764,288

1,553,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 December 2022 and were signed on its behalf by:

Mr J F Rose - Director

1.	STATUTORY INFORMATION

Novagas (LPG) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts

The company recognises revenue when the amount can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, 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.

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% on reducing balance

Gas cylinders, fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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 Profit and Loss Account, 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.

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.

Going concern

We have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus conclude that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

220,042

AMORTISATION

At 1 April 2021

154,029

Charge for year

22,004

At 31 March 2022

176,033

NET BOOK VALUE

At 31 March 2022

44,009

At 31 March 2021

66,013

5.	TANGIBLE FIXED ASSETS

Gas

cylinders,

fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2021

-

272,028

585,361

Additions

5,668

80,960

247,909

At 31 March 2022

5,668

352,988

833,270

DEPRECIATION

At 1 April 2021

-

167,684

159,087

Charge for year

-

46,327

67,419

At 31 March 2022

-

214,011

226,506

NET BOOK VALUE

At 31 March 2022

5,668

138,977

606,764

At 31 March 2021

-

104,344

426,274

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

241,487

24,531

1,123,407

Additions

89,745

300

424,582

At 31 March 2022

331,232

24,831

1,547,989

DEPRECIATION

At 1 April 2021

172,963

8,194

507,928

Charge for year

39,568

2,495

155,809

At 31 March 2022

212,531

10,689

663,737

NET BOOK VALUE

At 31 March 2022

118,701

14,142

884,252

At 31 March 2021

68,524

16,337

615,479

At the balance sheet date there were tangible fixed assets under hire purchase agreements with net book value of £53,846 (2021 - £nil).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

251,787

110,246

Other debtors

221,189

154,550

472,976

264,796

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

19,145

-

Trade creditors

82,695

53,285

Taxation and social security

26,735

60,380

Other creditors

110,550

74,978

239,125

188,643

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

25,527

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

44,672

-

The loans in respect of the hire purchase agreements are secured against the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

Mr J F Rose

Balance outstanding at start of year

(1,126

)

52,874

Amounts advanced

(54,538

)

(54,000

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(55,664

)

(1,126

)

Interest was charged on this loan at a rate of 2% during the year totalling £538(2021 - £nil). This loan is unsecured and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year, Novagas (LPG) Limited received advances of £22,026 (2021: £22,734) from companies with common directors and ownership and also repaid £115,760 (2021: £54,661). At the balance sheet date Novagas (LPG) Limited was owed, in aggregate, £7,229 (2021: £100,943) from those companies. These loans are interest free, unsecured and repayable on demand.