Inagas Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02603233 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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

2,017

3,454

Tangible assets

5

15,668

21,913

17,685

25,367

CURRENT ASSETS

Debtors

6

101,229

25,637

Cash at bank

49,248

50,952

150,477

76,589

CREDITORS

Amounts falling due within one year

7

96,056

49,684

NET CURRENT ASSETS

54,421

26,905

TOTAL ASSETS LESS CURRENT LIABILITIES

72,106

52,272

CREDITORS

Amounts falling due after more than one year

8

37,041

51,888

NET ASSETS

35,065

384

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

34,965

284

SHAREHOLDERS' FUNDS

35,065

384

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2022 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.

Going concern

After reviewing the company's forecasts and projections, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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

Government grants

Following the Covid 19 shut down the company is entitled to claim from the Coronavirus Job Retention Scheme. The income is included in the accounts when the costs are incurred on an accrued basis.

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 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

168,000

20,147

188,147

AMORTISATION

At 1 April 2021

167,999

16,694

184,693

Amortisation for year

-

1,437

1,437

At 31 March 2022

167,999

18,131

186,130

NET BOOK VALUE

At 31 March 2022

1

2,016

2,017

At 31 March 2021

1

3,453

3,454

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2021

and 31 March 2022

14,117

19,931

22,282

DEPRECIATION

At 1 April 2021

5,078

19,931

20,926

Charge for year

282

-

203

At 31 March 2022

5,360

19,931

21,129

NET BOOK VALUE

At 31 March 2022

8,757

-

1,153

At 31 March 2021

9,039

-

1,356

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

23,038

9,819

89,187

DEPRECIATION

At 1 April 2021

11,520

9,819

67,274

Charge for year

5,760

-

6,245

At 31 March 2022

17,280

9,819

73,519

NET BOOK VALUE

At 31 March 2022

5,758

-

15,668

At 31 March 2021

11,518

-

21,913

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

101,229

21,063

Other debtors

-

4,574

101,229

25,637

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

9,737

7,906

Hire purchase contracts

5,109

5,110

Trade creditors

35,750

13,523

Taxation and social security

25,987

5,627

Other creditors

19,473

17,518

96,056

49,684

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

32,357

42,094

Hire purchase contracts

4,684

9,794

37,041

51,888

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,769

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Hire purchase contracts

9,793

14,904

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.22

31.3.21

£

£

M Kemp and Mrs A F Kemp

Balance outstanding at start of year

-

10,697

Amounts repaid

-

(10,697

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-